Bleeding edge with respect to nightly releases of packages, no. However, Fedora has been at the forefront of distros as far as adopting major changes with its 6 month release cycle. Fedora was one of the first distros to adopt systemd (default in 15), the major Gnome 3 releases (17 has 3.4 and 18 will have 3.6), ext4 (available in 9-10, default in 11), btrfs (available in 13, probably default in 19), etc. I do agree that they could keep some packages more up to date, but I personally haven't come across many distros that are more current in this respect.
You can always find a more up to date Linux by manually updating software, but considering releases as a whole, Fedora is amongst the "newest" distros.
As always, YMMV, and there are packages that are good examples and packages that are bad examples.