They released version 1 last June, about 8 months after the initial announcement, and this is the fourth prerelease for version 2. The new distribution seems to have some dedicated members.
Many of the laid-off Mandriva developpers are Mageia founders, as well as quite a few of the parent's distribution most active community packagers.
They did get quite a lot of press last year, if only in contrast to Mandriva's woes, and replaced it in Distrowatch's list of most important distributions. This is no guarantee of quality, but Mageia did not just appear today.