When I had my 4GB SSD netbook, I did something like a 70MB ext2 /boot, 2GB /, 512MB of swap, and the rest for /home. If everything were /, I would have to format anyways for an upgrade (not enough space for the RPMs to upgrade with). I also remember doing lvresize and other fun things to go from a 2GB /home to a 2GB / instead. Haven't used LVM since.
I actually did do a yum upgrade (from F10 to F11 IIRC) on the machine. The RPMs fit, but not with the upgrade going. I ended up having to SIGSTOP yum, delete cached RPMs that had finished installing for disk space, and the SIGCONT yum again. Not something I plan on doing again. Especially during class.