It's been around for ~9 years and has a relatively large community around it, most visibly found on the Doom9 forums: http://forum.doom9.org/forumdisplay.php?f=82
I'm personally still mostly using Avisynth these days since it's what I'm most familiar with, but I've also used Vapoursynth and it's definitely the one to learn if you want to get into programmatic video processing these days.