I've posted my problem over in FedoraForum.org > Fedora Support > Networking
but thought some may see it here and have some idea what to do.
Gist is that there appears to be no way to get Wake On LAN working in F16. This is with kernels 3.1.0-7, 3.1.4-1, and 3.1.6-1. I'm suspecting something in the systemd shutdown code, but can't find it. It seems that "halt -i" is being called, but its no where in any scripts.
(more info if you follow the link above to Networking)