Quoting Thorsten Leemhuis fedora@leemhuis.info:
AFAICS there is still no support for yum from FC4 in your repo :-(
Without it is nearly useless IMHO...
Kernels deserve special attention, so as long as the new kernel doesn't involve a long list of dependencies yum doesn't add much. In any case, it is very simple to create your own local repos, using createrepo (8) (Create repomd (xml-rpm-metadata) repository).