That file exists on my system:
BASH:~/-> ll /lib/modules/188.8.131.52-70.fc12.i686/modules.dep
-rw-r--r--. 1 root root 206546 2010-03-13 18:23 /lib/modules/184.108.40.206-70.fc12.i686/modules.dep
Note the date/time stamp on that file. Checking my yum.log as to when that kernel was installed:
Mar 13 18:23:49 Installed: kernel-220.127.116.11-70.fc12.i686
And I checked to see if any package "owned" the modules.dep file. Nope. So it was created at the time the kernel was installed. I checked the scripts for the kernel package. The postinstall script contained this line, among others:
/sbin/new-kernel-pkg --package kernel --mkinitrd --dracut --depmod --install 18.104.22.168-70.fc12.i686 || exit $?
The --depmod argument is what causes the modules.dep file for the new kernel to be built. For some reason, that appearently didn't happen on your kernel update. Maybe you could:
yum reinstall kernel
or just run the depmod command as root. See 'man depmod'. But then, if you can't boot into the new kernel, that becomes problematic. Hmmm.. looking over the depmod manual page, you can do that from the previous kernel. Just do "depmod <version>", using the new kernels version.
---------- Post added at 10:46 PM CDT ---------- Previous post was at 10:35 PM CDT ----------
Thinking a bit longer.... and assuming you can boot into the previous kernel OK, you could uninstall the 70 release kernel and then try updating the kernel again. Maybe it'll go better the second time around.