Wikipedia migrated from Red Hat Linux 9 (WTF??) and Fedora (certainly not a wise idea for a large deployment that doesn't want lots of moving parts) to Ubuntu.
Some people started raising that inexistence of some sort Fedora LTS is a problem. But, I agree with Mike McGrath post that Fedora serve the niche of a fast paced distro in the Linux ecosystem. Ever since my first day with Fedora , Fedora have been an exciting place to test out new technologies of the FOSS world. Yes it crashes here and there sometimes - eg: AIGLX and compiz during the early days, new Xorg, etc, but thats a common risk when you are choosing to live with this fast paced distro. CentOS filled the gap perfectly for my server needs, combined with Fedora EPEL, CentOS is just right. The only thing missing from CentOS currently is only Livna, (I don't really like RPMForge), once RPMFusion provide packages for CentOS, perhaps it'll be my main distro choice for installing in desktops that i'm lazy to take care of (eg: the family computer back at home).
Fedora LTS ? .. here it is .. or if branding a long term distro with Fedora name is really that important, how about revisor'ing CentOS, add fedora theme packages and name it Fedora-LTS .. or maybe , Rahul, how about a Omega-LTS? :P
P/S: Ain't ability to fork is one of the beauty of FOSS? Don't like how it is currently? Fork it! ^o^