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I've been using Fedora since the beginning (and Red Hat Linux before that), and I fully agree, Fedora seems to have the shortest maximum life-cycle of any major Linux distribution. To be fair, that is by design and well-documented. I like running the latest and greatest, so I upgraded to the latest Rawhide this morning. Nothing apparently broken yet, other than the nouveau driver (which is just broken on my hardware and has been since at least Fedora 11). I also have working copies of both Fedora 12 and Fedora 11 on my hard drive, just in case. Not the way I'd run an enterprise, but it works for me.
Yes, that is what diskspace (and rysnc, tgz, whatever) is for. :-)