Fedora tends to be up to date, but loses a small amount of stability(with fedora very tightly wrapped into the core of most linux development, paying the price of having little fedora only fixes in place, but being so close to the core means that it can adapt to changes and updates with minimal testing), CentOS updates slower, but when it does the updates are more stable(since they are tested more exaustivly and have CentOS specific edits and patches made as needed).
Personally, for a server I'd go for CentOS, for a desktop where stability is not as important, Fedora (but I'm more a Knoppix man anyway :P).
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