Depends on what you consider "support".
If you mean will you be able to install Fedora and get a usable desktop, then the answer is yes.
If you mean will you be able to install and get your maximum resolution and 3D, then it's no. You'll need to install the ATI drivers yourself.
There are only a handful of distros that include Nvidia/ATI drivers on their install disks, Fedora is not one of them, Fedora does not include proprietary software.
And even if they did the latest ATI drivers are broken for HD cards anyways.