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I think of Korora as being derived from Fedora in much the same way that Linux Mint is derived from Ubuntu. They start from a very good distribution, and then they add all the things that I would put in myself, and they end up with a great distribution. The Beta release is currently available, but as far as I know no final release date has been set yet. At the same time, there has been a name change (dropping the second "a" from Kororaa) and a web page change (to www.kororaproject.com), so make sure you look in the right place for this one.