Please note that the current Fedora-17-Beta-TC2-Live images lack
some traditional Live CD/USB features.

See this bug report.
https://bugzilla.redhat.com/show_bug.cgi?id=740280

/dev/live was a link to the installation partition on the Live USB, such as /dev/sdc1,
or /dev/sr0 on a Live CD/DVD.

How would a script determine this partition without human input?

/mnt/live was a convenient mounting of the installation partition filesystem.
It allowed easy access to pre-existing content on the Live USB device or to
the /LiveOS and /syslinux directories.

The --home-size-mb NNN option of livecd-iso-to-disk produced a /LiveOS/home.img
filesystem for the liveuser's home directory.

This feature made possible the --encrypted-home option, which would secure the privacy of a user directory on a Live USB system.

The home.img filesystem was also read/write/delete without consuming the LiveOS overlay.  This is important for non-short-term Live USB deployments, such as Sugar on a Stick, where overlay exhaustion can be a significant problem.

Is there a workaround for these (missing) features?

       --Fred