Personally, since the buildsystem is going to have to treat kernel-module-* packages differently, I'd like to see it build them like this:
When a make build is done in kernel-module-foo/FC-3/, the buildsystem assembles the sources and makes a SRPM. It then looks at a list (either generated at buildtime, or preexistant) of the released kernels for FC-3, and iterates through each of them, running rpmbuild --rebuild --define "kver $VERSION". At the end of the loop, we should have all the binary packages and a single SRPM.
Also, if possible, it would be awesome if the buildsystem could automatically do a build when a new kernel goes into FC (for that kernel only). Barring that, it would be nice if there was some way for kernel-module-* maintainers to be notified of the new kernel update in advance.
~spot