Yes, the support of iso generating can be supported easily trough ABF.
Furthermore, the fact it's based on git let create branches. UL, with
its differences (smart, different kernel, liveCD etc) can, imho, most
easily continue to live, both in taking what it wants in the master,
and sharing its own developments. This is how Rosa Desktop will do.
This is also how other projects will do, I hope. The goal of the
foundation is less to provide a distro as is than to provide the place
where good stuff will be developed and shared.
Raphaël Jadot