With yum-3.2.3-1.fc7, running 

# yum --exclude=kernel\* --exclude=setroubleshoot\* update

this morning produced

Traceback (most recent call last):
  File "/usr/bin/yum", line 29, in <module>
    yummain.main(sys.argv[1:])
  File "/usr/share/yum-cli/yummain.py", line 180, in main
    base.doTransaction()
  File "/usr/share/yum-cli/cli.py", line 382, in doTransaction
    self.runTransaction(cb=cb)
  File "/usr/lib/python2.5/site-packages/yum/__init__.py", line 571, in
runTransaction
    errors = self.ts.run(cb.callback, '')
  File "/usr/lib/python2.5/site-packages/yum/rpmtrans.py", line 249, in callback
    self._instCloseFile(  bytes, total, h )
  File "/usr/lib/python2.5/site-packages/yum/rpmtrans.py", line 311, in
_instCloseFile
    self.ts_done(txmbr.po, txmbr.output_state)
  File "/usr/lib/python2.5/site-packages/yum/rpmtrans.py", line 164, in ts_done
    (t,e,n,v,r,a) = self._te_tuples[0] # what we should be on
IndexError: list index out of range

It's not 100% reproducible -- subsequent update runs have completed