Cyanogen has already made available the first Milestone release of CyanogenMod 11, which is based on KitKat. It’s only available for Nexus devices, but only the ones that are “actively AOSP supported”, which means the Nexus 5, Nexus 4, Nexus 7 (all variants), and Nexus 10.
This is a new method for the Cyanogen team as they usually release Nightlies at this point, but not allow bug reports. While, M1 will only be available to these select devices, users will be able issue bug reports, although they do feel things are pretty stable at this point.
Other devices such as the Galaxy Nexus and non-Nexus devices will be part of the Nightlies, which should be available in the near future.