It is not released yet, but it is developed very carefully, mainly for bug fixes and some new features. The main reason is that it can now use the Gtk stock icons, so it will integrate better with the desktop, and the icons will change when the theme changes. Also there are a few new Version Control backends: for Bzr, Git, Mercurial and Monotone. Just my 2 cents. [The branch is actually called EMACS_22_BASE]
Well, F8 *feature* freeze was last August 28, so I don't think we can get it into F8. I'll queue it up for F9, though. http://fedoraproject.org/wiki/Releases/8/Schedule