I think Canonical likes the LMDE Rolling Release Project.
Ubuntu technical board member proposes monthly Ubuntu release cycle
Ubuntu Technical Board member Scott James Remnant has outlined a theoretical proposal for transitioning the popular Linux distribution to a rolling release model in which new stable versions would be issued every month. He has published his thoughts on the matter in a blog entry to encourage discussion.
Ubuntu currently adheres to a time-based release model with a six-month development cycle. A new version is released in April and October of every year. Ubuntu releases have an 18-month support lifespan, except for the biennial "long-term support" (LTS) releases which are updated on the desktop for three years and on the server for five years.
The time-based release model was adopted early in Ubuntu's history in order to provide predictability for users and OEMs. It was also partly a response to the release lag that has historically plagued the Debian project. Although tight conformance with a well-defined schedule has its advantages, it also has some significant downsides.
Ubuntu's uncompromising commitment to releasing on time and the pressure to deliver all of the planned features in each release have created a mentality where virtually nothing is treated as a blocker. When technical issues come up late in the development cycle, they are sometimes ignored and addressed with point updates after the release.
http://arstechnica.com/open-source/news/2011/09/ubuntu-technical-board-member-proposes-monthly-ubuntu-release-cycle.ars?comments=1#comments-bar



