Yes, technically Mandrake/Mandriva was always innovative. I especially liked the installer and the DrakX tools. System-config-whatever doesn't even come close, and it's been 10 years.
Financially they were always in terrible shape. First there was the investment or loan they had from I think an Americain investor. They controlled management, and decided to head into the directionm of education. The management didn't want that, they wanted to stay in de Linux distro business. That caused the loan/investment to terminate, and there had to be paid millions back in a short timeframe.
Later on they had raised money through shares. Still they always needed money from the users, with subscriptions through the Club.
There was always the continuous hiring of people, and then the next reorganisation where people had to be let go. It seemed to happen every year.
And always there was the promise of becoming profitable next year. I even read in it this news.
For me the straw broke when they decided to let all their French developers go, and refocus of Brazilian and Russian developers.
I've used Fedora, but the upgrades every half year were a bit terrible (a whole evening of fiddling). I'm now on Debian. That's one distro that I feel will always be around, and gives lots of freedom.