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When emacs is installed through the source package's Makefile, a file called subdirs.el is placed in /usr/share/emacs/site-lisp. This file contains code which instructs Emacs to include all subdirectories of /usr/share/emacs/site-lisp in its load-path. This file is missing from binary RPM's of Emacs 20.3. Therefore, this feature, which is mentioned in the Emacs NEWS file, doesn't work with the version of Emacs supplied by Red Hat.
Fixed in the devel tree
Almost... but if you want to get it exactly right, the binary package should also include the contents of the /usr/share/emacs/%{PACKAGE{VERSION}/site-lisp directory. But that directory is rarely used, so I'd give that one low priority.