Actually I was able to unpack that file, which is a zipped, .tgz file
which untars into another tgz , which then untars into a .bin file
which is a raid element, probably extracted via dd
then I did the following:
mdadm --examine ./system_p4.bin
which gave me:
Data Offset : 2048 sectors
so then I did the following:
mount -o loop,offset=$((2048*512)) ./system_p4.bin /mnt
and after that, then I did:
[root@nova v220.127.116.11.ROW-1g]# ls -lsca /mnt/boot/
4 dr-xr-xr-x 3 root root 4096 Nov 27 2014 .
4 dr-xr-xr-x 21 root root 4096 Nov 27 2014 ..
84 -rw-r--r-- 1 root root 83883 Nov 27 2014 config-2.6.39-1.ce14.23.fc16.i686
4 drwxr-xr-x 2 root root 4096 Nov 27 2014 grub
6384 -rw-r--r-- 1 root root 6535380 Nov 27 2014 initramfs-2.6.39-1.ce14.23.fc16.i686.img
1624 -rw------- 1 root root 1661800 Nov 27 2014 System.map-2.6.39-1.ce14.23.fc16.i686
3844 -rwxr-xr-x 1 root root 3934848 Nov 27 2014 vmlinuz-2.6.39-1.ce14.23.fc16.i686
so, I reckon you won't gain anything by using this firmware, as it is FC16 as well.
EDIT: all things said, the one piece of good news is that it appears the Fedora system actually resides on Disk, and not on ROM so based on what I posted above, you maybe able to clone an OS into a firmware update file, however, at great risk of bricking the device, so I would only do this if you really don't care about the device and were about to throw it away.