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I would have agreed with you in the past, but I think with this release Fedora will make a comeback. It will be a good competitor for Ubuntu.
I don't think it can give Ubuntu a run for its money as it is not DEB based, and imo, the best RPM distro at the minute is Suse.
If Fedora 7 is as good as Suse, it will succeed, as Fedora is not crippled with YAST.