Actually, you got couple suggestions which I find rather problematic. I am not using Fedora but I am an avid OpenBSD user and even though our OpenBSD TeXLive porter and port maintainer is Edd Barret I feel I can say something competently about TeX package on Unix and Unix like systems.
There is a good reason why official repository has 2007 TeXLive version. TeXLive is non-trivial to port and many, many other packages depend on that specific version of TeXLive. Fedora project might lack resources to update the package or maybe they found some more serious dependency related issues. Manually installing newer version of TeXLive can easily brake your Fedora installation and Yum in packaging system in particular. I would suggest that you run the newest version of TeXLive from a CD or to install it on a USB stick. You can find instructions how to do this in section 4.1 and 4.2 of official TeXLive documenation
There are some more complicated solutions than the one above. For example you could install the newest version of TeXLive in chroot environment (do you know what I am talking about). Or you could even port TeXLive 2011 to Fedora but that would be a huge project.