Fedora Project leader Max Spevack lays out the reasons why Red Hat won't be transferring control of Fedora to a non-profit foundation. It all comes down to this:

FIVE: The Fedora Foundation could serve as a truly independent entity, providing the ability for Fedora to grow separately from Red Hat's interests.

This is the real heart of the matter. This is what some people want to see: a more independent Fedora. This is The Question That Must Be Answered.

The simple and honest answer: Red Hat must maintain a certain amount of control over Fedora decisions, because Red Hat's business model depends upon Fedora.

So there you have it, there will be no independent Fedora, might as well use Ubuntu