Somehow Fedora 16 re-gained EFI support - after it was lost in the beginning of the Fedora 16 process. The trouble seems to be introduced partly because of the migration to grub2 or changes to anaconda.
But as of Fedora 16 TC1 also the Live CDs support EFI! Look here to learn how to make a bootable USB media from the iso you downloaded.
As we already know, the installation DVDs already support EFI, since rc3 (or so).
Participate and provide some feedback (e.g. via IRC or bugzilla) on bugs when testing out the media.