So I actually just did an fc11 "text only" install on my ppc iBook G3, completely by accident (apparently I didn't have enough VRAM for a graphical install).
Anyways, I just followed the instructions of the text mode installer, and when it was time to reboot, I was able to login as root with the password I had selected during the install.
At that point, I was at `runlevel` = 3 and I could install any graphical systems I thought might work. I believe I did a `yum groupinstall X11` to install the
X11 Windowing System
I was also able to `yum groupinstall "GNOME Desktop Environment"` but I found that `yum groupinstall XFCE` was a faster desktop environment on my ancient iBook.
Basically, if you don't need graphics ever, you can do a 'text mode' (I'm not sure what that is still...) install from the installer, and have a perfectly usable and stable
runlevel 3 (described here) system.
YMMV!