Currently xdm attempts to use /dev/mem as a source of randomness for cookie generation. This is a bad idea in any case, but when SELinux is in enforcing mode, this is especially bad since SELinux prohibits this and, as xdm-errors log file states, "X cookies may be easily guessable". The similar bug exists for kdm as well (bug 118051) and it looks that kdm just borrowed code from xdm. I have investigated the kdm case a bit more, see details in bug 118051.
RYI: the kdm version of this bug - bug 118051 - was fixed a few days ago.
I suspect this is more about avoiding another X rebuild, because it is very large. This does not seem to be a very serious problem because nobody would prefer to use xdm over gdm/kdm, but I could be assuming too much of course...
Fixed upstream.
Upstream X.Org is in our fedora devel builds, changing status to "RAWHIDE".