The rc.local distributed by RedHat provides more information to remote users than the security-conscious admin may be comfortable with. In particular, in updates the /etc/issue.net file at each boot to advertise both the kernel version and the redhat release to anyone who telnets to the local system. In the event that there are remote exploits tied to particular kernel versions or particular redhat distributions, this makes it far easier for a malicious user to identify likely target systems. This information is fine for inclusing in /etc/issue, since this is only seen by non-network logins, but it seems that it would be a good idea to modify rc.local so that /etc/issue.net contains more generic information (such as "RedHat Linux -- http://www.redhat.com/:).
We probably won't change this; users are free to customize their own rc.local if they wish.