I use my home server to provide file serving, DNS and iTunes sharing to my home LAN. I also use it as a VMWare workstation for systems design and development work that I do. That's it; Samba, BIND, daapd and VMWare.
When I was running Fedora Core (up until a couple of weeks ago), I would have to fight with VMWare on a regular basis. Fedora Core would release a new kernel every month or two, and often the new kernel was compiled with a newer version of GCC than was installed on the system. Fedora would not provide the newer version of GCC as an update. This breaks VMWare big style, as the vmware-config.pl script that you have to run after a kernel update will not complete if the kernel is compiled with a different version of GCC than is on the system. There are ways around this, but it's a big frickin' pain in the arse to have to go through on a regular basis.
CentOS is a pretty close clone of Red Hat Enterprise Linux, and as such is built with stability and reliability in mind. This means that you get security updates, but not "bleeding edge" software upgrades - updates are much less frequent. As a server, it beats Fedora hands down (although if you were running as a desktop, you might still consider Fedora, as RPMs for apps are more common, cutting-edge features are there, and multimedia is much easier to get working).