I finally got around to configuring printing after upgrading to Fedora Core 4, from Red Hat 9. Fedora Core 4 doesn't have lpd available, only CUPS. I previously had configured lpd to be a print server for two attached USB printers.
This page has instructions for configuring CUPS to be a print server. Everything worked perfectly just following the instructions. I actually didn't have to do steps 3 & 4, as Mac OS X already has the CUPS daemon running. It also automatically recognizes the printers that are broadcasted by the server.
CUPS is very cool for network printer sharing. The broadcast protocol, lets the clients know what type of printer is running on each queue. Also, I assume that it is making the printer description available to the clients, so that the clients can do some processing.