Compiled VLC 2.0.1 from scratch today, here's the full list of dependencies I had to install to get (almost) everything available in VLC installed:
Fedora 16 64-bit VLC 2.0.1 dependency installs:
yum install lua-devel lua-devel libmad-devel ffmpeg-devel a52dec-devel libxcb-devel libX11-devel mesa-libGLU-devel pulseaudio-libs-devel libogg-devel gstreamer-plugins-ugly audacious-plugins-freeworld-mp3 xmms-mp3 ffmpeg ffmpeg-devel fribidi-devel libnotify-devel libcddb libcddb-devel libmodplug-devel libva libshout libshout-devel flac-devel twolame twolame-devel libdca libdca-devel libmpeg2 libmpeg2-devel speex speex-devel taglib-devel libmtp-devel fluidsynth fluidsynth-devel kate libkate kate-devel libkate-devel libcaca libcaca-devel libsamplerate libsamplerate-devel libprojectM libprojectM-devel libupnp-devel SDL-devel libdvdnav-devel libdvdread-devel libraw1394-devel zvbi-devel xkeycaps xmms-acme schroedinger-devel SDL_image-devel librsvg2-devel libavc1394-devel libdc1394-devel libass libass-devel live555-devel libv4l libv4l-devel libudev libudev-devel libxcb libxcb-devel xcb-util xcb-util-devel ffmpeg2dirac dirac dirac-devel dirac-libs libva libva-devel portaudio-devel
Add libbluray/libbluray-devel if you want Blu-Ray support. The Live555 library in Fedora is older than what 2.0.1 wants (dated 2011-12-XX), so that would have to compiled separately beforehand if you want "liveMedia". JACK, whatever goom is, avahi/bonjour, and gnome vfs support are the only components missing from that dependency list.
Fedora is also missing libsidplay2 for playing .SID chiptunes.
90% of those libraries come from the Fedora or Updates repositories, with the remaining packages coming from rpmfusion-free.
Alas, after spending an hour tracking down every last optional component that configure didn't like, the entire reason I compiled VLC 2, to have better support for CUE sheets describing MP3s, doesn't deliver.
EDIT: Post was created to save time for others who find this thread via Google. The blog posts detailing VLC dependencies on Feodra are way, way out-of-date.