The FC4 comes with the freetype byte code interpreter switched of which makes fonts look ugly (especially when anti-aliasing is switched of).
ldp.rtin.bz/HOWTO/Font-HOWTO/bci.html
I think menus and small text look much better with no anti-aliasing - but of course that is subjective (although I know a lot of people agree). Anyway, I found the rpms with BCI enabled, both for x86_64 and i386 so it's not a problem anymore. I you want to try them to see the difference I can post them.