I just did a fc7 livecd install. It was actually really pleasant. I could use the machine while it was being installed and for the most part things went very smoothly. The only real problem I hit was the "Reboot" button didn't actually reboot the machine. Maybe it should be a "Close" button instead? Or maybe anaconda should pop up the dialog pup pops up when it installs a new kernel?
I lean towards making it close, although I want to think about it a little more.
Made it Close in cvs for the live case