Well it's a very opiniated topic. There's no one "right" layout for everybody. There are of course some useful guidelines to follow.
First with the fs type. Basically just format all partitions as ext3 (except swap partition) unless you want to try out an alternative such as reiserfs. They all have there advantages and disad's; ext3 is best supported however in FC1.
As for layout, there's two methods:
You can just create the default, basic / (root) (the rest), /boot (about 80MB) and <swap> (2x RAM).
This is what anaconda (installer) does when you select auto partition.
The other method which is more custom and can be more efficient is to create individual partitions for each file system.
Some general guidelines:
/ (root) -- around ~700MB
/boot -- 80 -100MB
/home -- at least 1G
/tmp -- at least 150MB
/usr -- should be your largest partition IMO; holds all software installs -> at least 6GB
/var -- at least 700MB
<swap> -- 2x RAM, though probably no need for more than 1G (some may say less..)
There are a couple others you may want to consider such as /opt and /usr/local
And size is relative; depends on your HDD size.
Here's some do on partitions:
http://www.redhat.com/docs/manuals/l...partsetup.html
http://www.redhat.com/docs/manuals/l...KPARTRECOMMEND