I have all redhat errata updates in this one local
directory.  If I do:

rpm -F *.rpm, it says:

query of XFree86-cyrillic-fonts-3.3.3.1-52.i386.rpm failed
query of XFree86-cyrillic-fonts-3.3.3.1-52.i386.rpm failed
rpm: no packages given for install

I don't have any X packages installed (this is just a
bare-bones install).

Also a little suggestion: I'd like rpm -Fh --quiet *.rpm (or
some similar command) wouldn't report :

rpm: no packages given for install

This would make rpm -F nicer to implement in upgrade scripts
because you wouldn't need to redirect the output (thus also
losing some vital information, in case something is
upgraded) or create some klugdy scripts that'd tailor the
output in some way.