I have been experiencing the same issue for a few days on my Acer S3 Ultrabook. I even tried the other two kernels present in my grub boot menu. I am currently on 3.8.12 and the other two options were 3.8.11, 3.8.8. Neither worked, still had the issue.
Try pulling up a shell/terminal. I'm on gnome 3 so I hit alt+f2, typed in "gnome-shell" then sudo yum update. That did the trick! It'll happen one more time if you try using the mouse right after that update, but don't freak out. I loggged in again and the mouse worked for me.
If you don't want a full update, then try running the update for the syntapics touchpad itself.
yum install xorg-x11-drv-synaptics-1.6.3-4.fc17.x86_64
I hope googlers find this solution quickly as I did not.