But is it really open source and free?
Yes. It will be open source and free.
Is it a product of Mandeeps or is it a community product?
It's developed by the same team as Mandeeps.com. It has its own name and thus it's a product of Vanjaro :)
Initial public release will go out on GitHub and at that time we'll welcome community contributions. The project will be actively maintained and improved by Vanjaro Team.
When en where will it be available for download?
Join the mailing list at Vanjaro.com We'll have an "Early Access" download later this month.