One of the features listed at every Fedora release is Better Webcam Support and as it does not sound very sexy, it tends to get overlooked, I don't think I mention it myself when translating a summary of the features in a new release. Shame on me.
More than one year ago I got a "free" cheap and poor webcam (read 'crappy', powered by the sn9c20x chipset)- it was thrown by the store at a bonus when purchasing something (IIRC a scanner). My frustration with grew fast and large, wasn't able to make it work on Linux, so I just gave it away to a colleague to use it with Yahoo Messenger on Windows.
Fast forward today, the webcam returned to me and on a whim I said to myself "what will happen it I plug it into my newly installed Fedora 12 Beta?"
Pleasant surprise: it worked! Sure, not the best image quality (the camera is cheap and not new any more), but I don't really need it for anything.
So yes, there are things to complain in F12, but also there are a lot of enjoyable parts.