I have a rawhide VM set up with a static IP but running NetworkManager (just to test the combination). The ifcfg-eth0 file is:
Prior to a yum update today I was running NetworkManager-0.7.996-1.git20090826.fc12.x86_64 and this configuration worked fine. Today I updated to NetworkManager-0.7.996-3.git20090928.fc12.x86_64 and the machine decides to DHCP at boot. The following interesting bit appears in the log:
Oct 8 12:49:01 v02 NetworkManager: ifcfg-rh: parsing /etc/sysconfig/network-scripts/ifcfg-eth0 ...
Oct 8 12:49:01 v02 NetworkManager: ifcfg-rh: error: Unknown BOOTPROTO 'static'
Previous boots had:
Sep 17 17:07:16 v02 NetworkManager: ifcfg-rh: parsing /etc/sysconfig/network-scripts/ifcfg-eth0 ...
Sep 17 17:07:16 v02 NetworkManager: ifcfg-rh: read connection 'System eth0'
Somewhat surprised by this, I checked a many other hosts here and all have BOOTPROTO=static. The ifcfg files are all generated by kickstart, with a network line starting with "network --bootproto static". It was mentioned on IRC that the documentation doesn't permit static, but if that's the case then something has been doing it wrong for many, many years now.
I should add that simply removing "static" and using "BOOTPROTO=" gets things working.