This is not definite. The feature has to go through a bunch of hoops first[1][2]. It was only conditionally approved in the meeting yesterday, assuming everything works by the time F16 comes around. Previous big features have been pulled at the last minute (notably systemd in F14 was pulled right before release[3], and only made it into F15).
[1] http://fedoraproject.org/wiki/Talk:Features/F16BtrfsDefaultF...
[2] https://bugzilla.redhat.com/showdependencytree.cgi?id=689509...
[3] http://article.gmane.org/gmane.linux.redhat.fedora.devel/139...