Do you actually have an OLPC to test again ?
No mentioning the OLPC was more in building my case for i586 support.
OLPC will want full multimedia support that RHEL and CentOS don't provide by default.
You obviously haven't seen the specs ;) not going to be doing much game playing on that monochrome screen.
You can't be all things to all people, or you will just alienate them all.
And I guess that this is probably the key point. If being purely a legal copy of the upstream vendor is all centos is and wants to be then the answer should probably be no. despite the precedents set with Centos 3/4. If it's more than that then the answer should probably be yes with clauses. (Like you'll need to do the development yourself as the core developers are busy with more important things).
I'm already trying to use Centos outside of the Enterprise solutions it was designed for by using it for a HTPC, Why? Because the very same reason that makes it good for enterprises makes it good for me, long term stability, support and ease of use among others. Of course I could go and use another distribution but I use Centos for Work and don't particularly want to learn the nuances of several different distributions.