Any chance we'll see fedora-release-2 updated to enable use of the new yum repository structure? It looks like the repository database is now part of the release package, not part of yum.
I installed the createrepos and yum packages from FC3, and just the repo files from the FC3 fedora-release package (extracted from the tarball). I then used createrepos to create metadata for my local base RPM repo. I still get a lot of 404's looking for metadata in the public mirrors, though.