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.