Would it be fair to characterize the state of F25 development for ARM as
Yes. Even the documentation says that the wifi doesn't work and the audio doesn't work. It is obviously still a work in progress. I installed it just to prove I could, but if I want to use the Pi 3 for any real work, I'll have to go back to F24 or use Raspbian. But I will be following the development with interest, and I'll fire it up occasionally and apply updates just to see the progress. (I really want to use the PI3 as a MythTV frontend, and I'd rather use Fedora because I am more familiar with it than Debian on which Raspbian is based).
The difference as I understand it is with F25, they are actually using a standard kernel. The F24 version (and, I think, Raspbian as well) use a third-party kernel outside of the standard package repos.