The new kernel mode setting feature in Linux 2.6.29 is relatively easy to enable, although at this point there does not seem to be much in the way of documentation.
You will need:
First, install the new kernel and the experimental x.org packages. Add 'i915 modeset=1' to /etc/modules. Ignore instructions elsewhere on the web about adding stuff to kernel boot lines - I reckon these have no effect, unless they were/are necessary for Fedora. You can either reboot, or stop X and reload i915 with the right option.
Now enjoy the fast VT switching and nice framebuffer console for five minutes before you notice that the experimental X.org packages broke your keyboard layout!