Seems more like this iteration has been going forever, and they're just ready to launch.
But strategically wise, I can see a threat from Wunderkit to Basecamp. Wunderkit is trying to bring a BP-style project management product (evolved) to a mass-market. It is not going for the geeks, designers, etc that BP has mostly as its clients. It is going for the mass and thus a recent article has mentioned them as "a Facebook for the workplace". After all, their first product (Wunderlist) has 1.5M users and reached 1M users in 275 days(!). Finally, a previous comment in HN frames 37s move in a nice way:
"This is very Apple. If somebody is going to cannibalize our market anyway, we prefer to do it ourselves." (by armandososa) http://news.ycombinator.com/item?id=3506546