I have posted instructions on how to run Fedora-ARM on QEMU
at:
http://fedoraproject.org/wiki/ARM/HowToQemu
So if you are interested in trying it out and don't have
suitable hardware -- then this should make it easy.
And, if you do, please clean up the how to, if something is
not clear etc. Or, extend it (for e.g., to run QEMU using
QEMU's user-mode networking).
Regards,
Manas