"You sure that 12 months is enough considering that the last upgrade for Select took more than twice that time and is still not out "
My dreams continue...
I'd recommend halting Select 4 development and putting their efforts into an intitial pay-for distro release (comprised of mostly Select 3 components) for Christmas/New Year. Select subscribers automatically get a copy of this inititial release (this could be a username and password for the members area of the website), non-Select people are invited to join the club (this includes me, where they get a welcome pack and install CD). I'd advocate a nice new spangly name for this distribution (and a new website!). After this initial release they can then concentrate on <newname> 2007 - which can include lots of the Select 4 components plus new work. This gives them time to finish what would have been Select 4. When this happens the initial release becomes available as a free download / source code.
Of course, now that the source code is available, there's potential for anyone to form such a company (just so long as ROOL licences aren't prohibitive!) and offer added-value features and services to the base open package. I just think ROL are in a great position to take the lead and gain some new respect.