Hi!
I have the same problem:
after running psclient I see message - Indirect rendering may indicate a flawed OpenGL setup if you run on a local X server. - and psclient quits
my hw&sw info:
distro: FC4 32bit, kernel 2.6.12-1.1390_FC4
graphics: radeon 9600 & fglrx kernel module v8.14.13 from rpm.livna.org
DRI - active - glxinfo: direct rendering: Yes
When I had 2.6.11 kernel - planeshift was functional... Other 3d games - 4 example tuxracer are functional and hw accelerated...