Hi, I've tried QEMU 0.9.1 and PS/2 mouse support for FC4 guest seems to be broken. I was using previously a CVS version dating back to 2007/09/07 and it works fine with it.
It can be tested by simply running qemu on the FC4-i386-DVD.iso installation ISO DVD. Anaconda doesn't manage to find the mouse and fall back to text mode. On an already installed image, the mouse doesn't work in X or in text mode. Best regards.
