(taken from fedoraproject.org and http://en.wikipedia.org)
Fedora is a Linux-based operating system that showcases the latest in free and open source software. Fedora is always free for anyone to use, modify, and distribute. It is built by people across the globe who work together as a community: the Fedora Project. The Fedora Project is open and anyone is welcome to join.
The Fedora Project is a project sponsored by Red Hat to co-ordinate the development of the Fedora operating system. Founded on September 2003 as a result of a merger between the Red Hat Linux (RHL) and old Fedora Linux projects. The project consists of Red Hat employees, but in theory operates independently.
When Red Hat Linux split Red Hat Linux to Red Hat Enterprise Linux (RHEL) and the Fedora project, it left the existing small business and home users with some uncertainty about what to do. Red Hat Professional Workstation was created at this same time with the intention of filling the niche that RHL had once filled but it was created without a certain future. This option quickly fell to the wayside for non-enterprise RHL users in favor of the Fedora Project. Recently the Fedora community has been thriving, and the Fedora distribution has a reputation as being a fully-open distribution that focuses on innovation and close work with upstream Linux communities.
Fedora 12 is on the way to its appearance, just wait and try!