Fedora 16 features the new 3.1.0 kernel. In spite of the dramatic number change, there are no dramatic feature changes. Even Linus says you shouldn't care about it:
I decided to just bite the bullet, and call the next version 3.0. It will get released close enough to the 20-year mark, which is excuse enough for me, although honestly, the real reason is just that I can no longer comfortably count as high as 40.