Looks like we won't see any Fedor vs. Lesnar (or any other UFC fighter) for a while. Fedor signed with Strikeforce today. Looks like the per fight cash from the UFC was passed over in favor of the co-promotion demands of M-1 (partly owned by Emelianenko). His first fight is rumored to be in the fall on Showtime, likely against Rogers.
The nice thing for Fedor is that he is such a big draw that the co-promotion deal has the potential to make him more money per fight (some fighter $ and some promotion $) than the guaranteed UFC deal offered. The variable here - the promotion money is not guaranteed. If the rest of the card is not interesting, the return could be a disappointment for Fedor and the rest of the M-1 team. Time will tell if he made the right decision, though.