1. What (if any) are the problems with serial ata drives in fc2
Mainly a driver issue issue
2. Will I get around these problems by just using them for storage and not for booting or running programs?
yes, as long as you still at least compile the driver (or the driver already exists).. at least this way you don't have to deal with possibly the need to of an initrd, or any weird errors at that point.. You can always load the driver later in the kernel boot process and then mount the drives..
Your biggest problem would be what was just discussed I think, that the developers seem to be flip flopping on whether to call these devices HD? or SD?.. which makes a difference.. unless you use labels maybe, i'm not sure.
I'm also not sure how much they've flip flopped.. I've only heard reports that it was sd? then hd? then sd? again.. For all I know, it only flipped once... or maybe it flipped 200 times.
3. What is the likelihood of these problems being fixed in fc3?
unlikely IMO, but I'm not really sure.. its mostly a kernel thing, so it's a little out of fedoras control
4. Are there any issues with using large >132GB hard drives in fc2 (either ATA100 or SATA)?
Shouldn't be..
Sorry i wasn't more help on this one.