I Agree with ceejayoz, mysql is a mature DBMS.
No frills, no limits, lightining fast, fault tolerant and robust as needed.
Definitely It deserve more than a chance.
As open source addicted, though, I have to point that mysql is a licensed under the GPL.
Do you plan to release the project under a GPL compatible license? This is a requirement often overlooked.
Edit:
I got some critics on my punctualization, I had to explain better my position
Reference on GPL regarding linking of closed source code to a GPL one
http://www.gnu.org/licenses/old-licenses/gpl-2.0-faq.html#MereAggregation
You should read the faq, expecially when it say
... pipes, sockets and command-line arguments are communication mechanisms normally used between two separate programs. So when they are used for communication, the modules normally are separate programs. But if the semantics of the communication are intimate enough, exchanging complex internal data structures, that too could be a basis to consider the two parts as combined into a larger program
I was already bitten when the mysql interface libraries switched from LGPL to GPL, in the 3.80 version. We, our legal department, had a discussion with MysqlAB, if I remember correctly the name of the firm before the Sun acquisition, on this point and the options they gave us were to acquire a non GPL commercial license or remain stuck with the 3.80 version of the library.
By the way the .net connector is GPL, it is clearly stated in the download page
http://dev.mysql.com/downloads/connector/net/5.2.html
and I don't think you, as everyone else me included, can find useful to talk to the server via raw tcp communication with a connector available.
Two other words on mysql % php: php license and mysql license are incompatible eachother
Sun, and MysqlAB before, had to insert a license exception tailored to php and other opensource projects to permit php to support mysql. It was a long and passionate diatribe and I was disappointed with the result, we got a clear chance to have php released under GPL.