Using Fedora for a server is NOT SMART. fedora changes revs every 6 months. You really don't want to re-install and revision test all of your services every 6 month. If you want to play with Fedora service as a learning experience that's fine. FWIW I have in the past used Fedora for my little soho services (mail, file sharing, VPN) and eventually it's an old unsupported distro or else I have to spend a couple days every 6 months to patch things and learn the new interfaces.
Recently I've started using Scientific Linux (similar to centos) inside a KVM virtualization on top of F16. This way I get the stablility of RHEL/Centos/SciLinux and I can migrate the KVMs as needed. If my server hardware breaks I can run the same KVM image on another system instantly. Upgrading the Fedora underneath is a much smaller problem.
---------- Post added at 01:35 PM ---------- Previous post was at 01:31 PM ----------
It depends on the kind of server you got in mind.
Fedora gets a lot of updates and here and there things will brake.
Most of the time that is graphical stuff like GPU drivers or Gnome related so if you want a text based server it shouldn't be a problem.
It probably isn't the best choice for an install to set and forget although I have seen Fedora production servers that aren't supported by patches anymore which were still going strong.