Antonio,
Try without the final / at the end of the URL
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When I run the red icon update, I see a long list of available updates, then I proceed but the update says that my system is fully updated, I think that it is not possible as I just finished un upgrade from FC2 (it is not a fresh install).
Lines of /etc/sysconfig/rhn/sources are:
yum fedora-core-3 http://download.fedora.redhat.com/pub/fedora/linux/core/3/i386/os/
yum updates-released http://download.fedora.redhat.com/pub/fedora/linux/core/updates/3/i386/
Any help???
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Antonio M.