EDIT: I have just installed fedora 14 invmware and compiled basiliskII succesfully. It runs great. That strenghtens my conviction that something is wrong in your development chain of tools. I can't guide you through what you need to install, it is to complicated to remember and thus explain.
Did you install Fedora as "Desktop" or "Software Development"?
If you installed as "Software Development", did you install additional tools or libraries?
Did you use a fresh BasiliskII folder? (I.e., one without a configure file so you have to run autogen.sh)
I came up with some kind of workaround: I did not run autogen.sh. Instead, I copied the configure and config.h.in files from an earlier source version. It is possible that some new features or tweaks are missing. But at least now running ./configure a "good" Makefile is produced and I can successfully compile and run BasiliskII.
So my problem is that the autogen.sh script does not produce a good configure file for me.
One step closer to solving the "Present But Cannot Be Compiled" problem (from my ./configure output):
checking whether we are using the GNU C compiler... no
--- snip ---
checking whether we are using the GNU C++ compiler... no
But both the gcc and g++ are installed and do compile if the configure file is OK..The problem now is: how do I make autogen.sh (or configure) to find them?