Callisto is a snapshot clone of Ethereum Classic, this is not a traditional fork of one chain into 2 though. Callisto (CLO), is it's own blockchain, that is designed to compliment and upgrade ETC.
This, as far as I can tell, will be a second layer technology, similar to the Raiden Network project for ETH. Question is are the ethereum classic community members on board with it?
I'm staying on the sidelines and I have already sold off my ETC in the last couple of weeks, so I won't be receiving any CLO anyway. I would exercise caution approaching this until things are more clear and defined.
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