When I selected "Software" and within that chose the menu item to check for updates, the process worked for a while and then apparently made no more progress but ate 100% of the CPU.
It is kind of scary interrupting an update, but after about half an hour of no progress, I decided that there was no other way.
Do this in a superuser shell instead. It works and gives better feedback: yum update
See https://bugzilla.redhat.com/show_bug.cgi?id=922697
PS. I consider software: check for updates less convenient than the pre-F18 "sofware updates".