Fedora 15, code-named Lovelock, does not ship with commercial applications. Which means that you are not able to install essential applications like Adobe Flash Player from the graphical package manager. There are a few open source Flash plugins, but they do not render current Flash content very well, if at all. If you are not a Free Software purists, you can download the latest Adobe Flash Player (Adobe Flash Player 10..3) from the company’s website.

From the dropdown menu on that page, select the “YUM for Linux (YUM)” entry. Follow the directions (on that page) and install the repository. After installation, there should be an entry for Adobe Systems Incorporated in the Software Sources window of the package manager. You may then install Adobe Flash Player 10.3.

After installation is completed, the installer will offer to run it. Accept. From a privacy standpoint, it has some interesting configuration options that will surprise you. By the way, there will be an entry for Adobe Flash Player in Applications Menu > Settings.

There are four tabs on the Adobe Flash Player Preferences window. The first is about Local Storage, with an interesting privacy angle:

It has been reported that some companies may be using Flash Player local storage to track users online in place of using HTTP cookies for that purpose. Some companies may also place a backup copy of HTTP cookies in local storage for use in the event the user deletes their cookies (this has sometimes been referred to as “respawning”). Adobe has publicly condemned the use of local storage in ways that are contrary to the user’s expressed intentions, but the nature of providing tools for an open platform means that we cannot control how developers and content producers use our products.

The sensible thing to do here is “Block al sites from storing information on this computer.” That is what I would do.
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This setting is a no-brainer. I will “Block all sites from using the camera and microphone.” Only approve on request.
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Peer-Assisted Networking is an interesting feature. Chat programs like Skype use it extensively. Should you allow it? With a high speed Internet access, I would not, so the best choice here is to “Block all sites from using peer-assisted networking.”
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If you enable any of the features above, visit this page often to rid your computer of the stored information. It is a good practice to keep track of what simple application like a browser plugin are doing on your computer.
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