This article at Ars Technica points to this email to the fedora-announce-list, explaining why RH has given up on the idea of establishing an independent, non-profit Fedora Foundation and formalized its status as a RedHat-controlled project, though with increased community involvement (via four non-RH members of the nine-membered Fedora Project Board).
This is nothing terribly exciting, though it must be a disappointment for the few remaining members of the Fedora community who were hoping it would turn into a community-based distribution to rival Debian and Ubuntu. Sorry, folks. Fedora is still exactly what it always was: the free, unstable version of RedHat under another name.
I think that RH has clearly done the right thing from a business standpoint (the email explains their rationale in detail, and can't easily be argued with). Whether the Fedora community will remain viable is an open question, but since I switched to Debian a couple of years ago I don't consider myself entitled to an opinion on the subject.