Tried with a Network Install of Fedora Core 4 Test 2. Not from the Fedora Download Server, but from the internal server where Linux isos are kept.
Network Install is easy as breeze.
There was directory called os where all the rpms,srpms where located.
1) Download and Write boot.iso. This was present inside: /os/images/
2) Boot using boot cd and select Network Install option ( I selected http)
3) Determines the DHCP, prompts for the Server name or IP and then Folder in which the Fedora Packages for the architecture are located.
4) Rest of Install is same as you with the cd.
Difference between network install and cd based install is, you dont have to download and write CDs and the network install is slower than install using cds. ( you can start the install at night,go to sleep and get the Fedora System up in the morning).