From Fedora Project Wiki

Freedom

Fedora 11 ships with support for Ogg Vorbis, Theora, FLAC, and Speex, giving you the freedom to watch or listen to your media in a free format. Not only are they all open source but no codec that ships with Fedora contains any harmful patents or licensing fees.

MP3 and Flash

Because of patent issues Fedora can not ship with an mp3 decoder, however if you are unable to convert to a patent free codec, like Ogg Vorbis, Fluendo offers an mp3 decoder that follows all legal requirements set by the patent holder. Visit Fluendo's (http://www.fluendo.com/) website for more information.

Abode's flash player is proprietary software and Fedora recommends installing either swfdec or gnash from the repositories.

Volume Control

An updated volume control manager application provides you with more control over your audio preferences. Better integrated with Pulse Audio, users can now control individual application inputs and outputs along with the sources, and destinations for the audio.

With the removal of gnome volume manager, you can be left without an obvious way to adjust ALSA sound levels after an upgrade. If they are set too low, raising the pulse audio sound levels may not work acceptably. The way to deal with this is to install alsa-utils and run "alsamixer -c0" from a shell prompt. alsamixer is a curses program that will let you adjust sound levels for alsa devices. Once running it you can get help by typing a question mark.

Gnome

KDE

For more information see Multimedia