Among the many features of Fedora 16 is finally switching over to the GRUB2 boot-loader on new x86 installations, better integration with the systemd service manager, a development version of GNOME 3.2, SELinux enhancements, system account changes, HAL removal, cloud computing and virtualization enhancements, and much more. See this Phoronix news posting for more details on the planned Fedora 16 feature set.
The Fedora 16 Alpha release announcement can be found on the mailing list. There's also the Alpha release notes.
Fedora 16 final is set to be released in early November.