This is good news. I was going to ask the same question. There's
a lot
of SOHO NAS boxes coming out that run on the ARM architecture like the
DNS-323 (
http://wiki.dns323.info/ ) that have a reasonable speed
processor, some ram/flash etc that would be a good target for a mini
fedora distro.
The processor that drives this box is a Marvell SoC 88F5181. There are
other NAS boxes that are driven by Marvell SoC 88F5182.
Since the Linux kernel is completely GPLed, you can boot to a small
firmware like U-Boot and then boot completely off the hard drive.
Doing that you can start with small Fedora distro and then 'yum install'
other packages.