The Fedora qemu-system-arm package provides pretty good ARM processor emulation, which can be used to run the Fedora ARM secondary architechture. This is an easy way to get started working with ARM -- for example, while waiting for your plugcomputer, beagleboard, or OLPC XO 1.75 to arrive
The previous wiki notes on using ARM with QEMU didn't cover using qemu-system-arm under libvirt management. This meant that you couldn't easily take advantage of libvirt benefits such as automatic network setup (with DHCP and NAT), the virt-manager GUI tool, guest autostart, or disconnection/reconnection to the console.
I've updated https://fedoraproject.org/wiki/Architectures/ARM/HowToQemu to include some basic notes on setting this up, and provided some files to simplify and speed up the process. Jump in and join Fedora-ARM, the water's nice!