I had been using Fedora 14 before I decided to switch to Fedora 16. So I downloaded Fedora 16 64-bit iso and created a live usb media using Live USB Creator. When I tried to boot off the usb, I got the following error:
dracut Warning: No root device "live:/dev/disk/by-uuid/FOEC-AD4C" found. dropping to debug shell. sh: can't access tty; Job control turned off dracut:/#
I found a lot of people getting the same error with no thread/post pointing to the exact solution. Finally I came across solution to a similar problem thanks to kylerconway on fedoraforums.
The solution is quite simple..
1. In the debug shell, type "ls -l /dev/disk/by-uuid/" to find UUID of your boot media.
(you may run "ls -l /dev/disk/by-label/" to get better understanding of your disk drives)
2. Once you have UUID of your boot media, reboot and edit GRUB boot command & replace existing UUID with the one found in step 1.
Fedora 16 with GNOME 3.2 looks brilliant(I switched from F14). Also after using it for a while I found it less buggy. If you are still using Fedora 14, I guess its the right time to switch!