We have Giorgos and Antonis Tsiapaliokas to thank for getting this bad boy finally out the door, however. They have toiled and tended the code base for a while now with one goal in mind: release .. and they finally reached that point.
So why another IDE? Simple put: because it isn't another IDE. From the start page through to the publisher, it is a "get out of your way" interface that is entirely workflow driven. You will not write the next great C++ application with it, this is quite true, but that's not its purpose. Everything that makes a great IDE like KDevelop or QtCreator "too much" when trying to make a Plasmoid or a KWin script is exactly why we made Plasmate.
You don't have to worry about package structure, or external previewers, or revision control, or how to import a Plasmoid from the online KDE Apps catalog ... it's all right there for you.