Fedora 16 has been released today, you can find the release notes here:
You can download Fedora from their home page here:
It has been a while since I done a Fedora upgrade, so I have not used Gnome 3 yet (3.2 with this release), so I am looking forward to trying out this release and the new version of Gnome. I also really like the new Jules Verne inspired desktop them, some screenshots of which are here:
"Some Fedora 16 Verne screenshots" - http://fedora-os.org/2011/08/23/some-fedora-16-verne-screenshots/
Updated 2022 : note that the above post was originally published in 2011, but is left here for archival purposes. I have fixed the links above, and unlinked one which is now dead.