First to distinguish the kernel from the distro (libs, apps, runtime config etc):
We are currently working with Xilinx to get the MicroBlaze arch integrated into the
kernel.org upstream sources. Target for this is the 2.6.31 / 32 timeframe.
Regarding the distro, we use and support the PetaLinux distribution, a derivative from (and extension to) of the so-called uClinux-dist or SnapGear distribution, because it is a good fit with the type of embedded devices running the MicroBlaze kernel.
There are other embedded-oriented distributions, such as OpenEmbedded, PTXdist, Denx, and many others, and of course you can roll your own. None of these distributions have MicroBlaze support as far as I know, but there is nothing to stop you adding it.
You mention Fedora, while in principle you could probably repackage a Fedora distro from sources to target microblaze, I cannot imagine why you would want to do such a thing, Fedora is a desktop distribution, it would be overkill for a small embedded CPU like microblaze.
I hope this clarifies things a bit for you.
Regards,
John