I’m very pleased to see a group stepping up to take control of Seamonkey. It’s something I’ve been working for, and I’m very glad to see it happen. The Mozilla Suite still has a lot of users this side of the Atlantic (there’s a distinctly European slant to the supporters list). Keeping this effort within the mozilla.org framework is a win for everyone involved.
One piece of advice for those striking out in a new and fresh direction: your first release (“Seamonkey Suite 1.0” or whatever it ends up being called) should not be a world-shaking event in browser technology development. Take time between now and the Firefox 1.1 release to get organised, plan and keep things ticking over, and then release something off that branch with as few changes as possible. Start Small and Simple, and build from there. You’ll have enough problems designing and implementing a properly-QAed release process without adding more bugs by changing the code.