Hi
I think you do miss the point, actually. Since FC release is time-driven rather than QA-driven, it is a test package.
Its time driven but not rigid. Releases have been postponed for better QA in Fedora. Both the first and second releases of Fedora Core 5 have been delayed for this reason for a recent example. Projects driven by time are not test packages. That would mean openbsd or gnome would be test packages. There is always a balance between the number of features and bug fixes made between releases and the need to do frequent releases in the open source world. Release early, Release often.
Fedora Core is a PROJECT, which Red Hat expressly states is intended to involve the USERS in the testing. That means, IMO, it is beta test.
Its called a project to invite more community participation and also indicate that Red Hat does not sell Fedora as a retail product. Though much of the answers are outdated now the first one still applies here.
http://fedora.redhat.com/about/faq/