Hm. I will check again, but according to the preview manual ghostscript is needed.
I will do some digging.

Another option is to not have texlive Require preview... that might not be a
desireable fix though.

I'm not tex-preview user, but in my understanding ghostscript is not a hard
dependency that breaks tex-preview functionality, therefore Requires:
ghostscript is not appropriate here.

OK, ghostscript dep is removed now in 11.84-7.fc9.

Thanks!

Hm, spoke to soon. Unfortunately the package build fails because of a problem
with metafont - I think this is a problem with the texlive package... please advise.

Build logs:

http://koji.fedoraproject.org/koji/getfile?taskID=369289&name=build.log

In particular:

This is TeX, Version 3.141592 (Web2C 7.5.6) (INITEX)
(/usr/share/texmf/tex/plain/config/tex.ini
(/usr/share/texmf/tex/plain/base/plain.tex Preloading the plain format: codes,
registers, parameters, fonts,kpathsea: Running mktextfm cmr10
/usr/share/texmf/web2c/mktexnam: Could not map source abbreviation  for cmr10.
/usr/share/texmf/web2c/mktexnam: Need to update ?
mktextfm: Running mf-nowin -progname=mf \mode:=ljfour; mag:=1; nonstopmode;
input cmr10
This is METAFONT, Version 2.71828 (Web2C 7.5.6)
kpathsea: Running mktexmf cmr10

! I can't find file `cmr10'.
<*> ...e:=ljfour; mag:=1; nonstopmode; input cmr10
                                                  
Please type another input file name
! Emergency stop.
<*> ...e:=ljfour; mag:=1; nonstopmode; input cmr10
                                                  
Transcript written on mfput.log.
grep: cmr10.log: No such file or directory
mktextfm: `mf-nowin -progname=mf \mode:=ljfour; mag:=1; nonstopmode; input
cmr10' failed to make cmr10.tfm.
kpathsea: Appending font creation commands to missfont.log.

! Font \tenrm=cmr10 not loadable: Metric (TFM) file not found.
<to be read again> 
                   \font 
l.401 \font
           \preloaded=cmr9
? 
! Emergency stop.
<to be read again> 
                   \font 
l.401 \font
           \preloaded=cmr9
No pages of output.
Transcript written on tex.log.
kpathsea: Running mktextfm cmr10
/usr/share/texmf/web2c/mktexnam: Could not map source abbreviation  for cmr10.
/usr/share/texmf/web2c/mktexnam: Need to update ?
mktextfm: Running mf-nowin -progname=mf \mode:=ljfour; mag:=1; nonstopmode;
input cmr10
This is METAFONT, Version 2.71828 (Web2C 7.5.6)
kpathsea: Running mktexmf cmr10

! I can't find file `cmr10'.
<*> ...e:=ljfour; mag:=1; nonstopmode; input cmr10
                                                  
Please type another input file name
! Emergency stop.
<*> ...e:=ljfour; mag:=1; nonstopmode; input cmr10
                                                  
Transcript written on mfput.log.
grep: cmr10.log: No such file or directory
mktextfm: `mf-nowin -progname=mf \mode:=ljfour; mag:=1; nonstopmode; input
cmr10' failed to make cmr10.tfm.
kpathsea: Appending font creation commands to missfont.log.
Error: `tex -ini  -jobname=tex -progname=tex tex.ini' failed

###############################################################################
fmtutil: Error! Not all formats have been built successfully.
Visit the log files in directory
  /builddir/.texlive2007/texmf-var/web2c
for details.
###############################################################################

This is a summary of all `failed' messages and warnings:
`tex -ini  -jobname=tex -progname=tex tex.ini' failed
warning: kpathsea: mktexfmt output `This is TeX, Version 3.141592 (Web2C 7.5.6)
(INITEX)
(/usr/share/texmf/tex/plain/config/tex.ini
(/usr/share/texmf/tex/plain/base/plain.tex Preloading the plain format: codes,
registers, parameters, fonts,
! Font \tenrm=cmr10 not loadable: Metric (TFM) file not found.
<to be read again> 
                   \font 
l.401 \font
           \preloaded=cmr9
? 
! Emergency stop.
<to be read again> 
                   \font 
l.401 \font
           \preloaded=cmr9
No pages of output.
Transcript written on tex.log.' instead of a filename.
I can't find the format file `tex.fmt'!
make[2]: *** [preview-mk.ins] Error 1
make[2]: Leaving directory `/builddir/build/BUILD/auctex-11.84/preview/latex'
make[1]: *** [texmf] Error 2
make[1]: Leaving directory `/builddir/build/BUILD/auctex-11.84/preview'
make: *** [all] Error 2
error: Bad exit status from /var/tmp/rpm-tmp.15528 (%build)


RPM build errors:
    Bad exit status from /var/tmp/rpm-tmp.15528 (%build)
EXCEPTION: Command failed. See logs for output.
 # bash --login -c 'rpmbuild -bb --target noarch --nodeps
//builddir/build/SPECS/emacs-auctex.spec'
Traceback (most recent call last):
  File "/usr/lib/python2.4/site-packages/mock/trace_decorator.py", line 70, in trace
    result = func(*args, **kw)
  File "/usr/lib/python2.4/site-packages/mock/util.py", line 287, in do
    raise mock.exception.Error, ("Command failed. See logs for output.\n # %s" %
(command,), ret)
Error: Command failed. See logs for output.
 # bash --login -c 'rpmbuild -bb --target noarch --nodeps
//builddir/build/SPECS/emacs-auctex.spec'
LEAVE do --> EXCEPTION RAISED

OK, finally fixed in emacs-auctex 11.85-5