Thanks to some help from Lennert Buytenhek, I have been trying out Fedora-ARM using QEMU over the last few days.
It seems that among all the pre-built kernel images provided at http://ftp.linux.org.uk/pub/linux/arm/fedora/qemu/, zImage-versatile-2.6.24-rc7.armv5tel has a bug which causes the kernel to panic the first time I run the virtual machine after preparing the root file system (ext2 or ext3). However on killing QEMU and restarting it again, it works fine and the problem does not occur again. The other images worked nicely though.
Other than that, I could not get X to work. xorg-x11-server-Xorg has a missing dependency in xorg-x11-drv-evdev. It turns out that xorg-x11-drv-evdev can not be rebuilt and is thus not present in the Fedora-ARM repository.
Here are some screenshots:
Booting Fedora-ARM.
Booting Fedora-ARM.
The login screen. Enter "root" as user name to log in.
# yum install emacs
# yum install gnome-desktop