The font used by the text console (runlevel 3) is very small.
This is caused by the new Intel kernel mode setting driver.
Reverting to the 80x25 console font requires disabling the kernel mode setting driver. This can be done by using the following kernel parameter in /etc/grub.conf:
nomodeset
For example:
title Fedora (2.6.29.6-217.2.16.asl.1.fc11.x86_64) root (hd0,0) kernel /vmlinuz-2.6.29.6-217.2.16.asl.1.fc11.x86_64 ro root=/dev/ nomodeset initrd /initrd-2.6.29.6-217.2.16.asl.1.fc11.x86_64.img
The change will take effect the next time the system boots.