Problem solved.
1. remove the xorg-x11-100dpi and xorg-x11-75dpi packages (they have crappy helvetica and serif fonts)
2. download and install the ms-font rpms from
http://webperf.org/msfonts/urpmi msfonts-1.2.1-1.noarch.rpm
urpmi msfonts-style-1.2.1-1.noarch.rpm
3. edit /etc/fonts/local.cf - add all of your font directories
here's mine:
<dir>/usr/share/fonts/msfonts</dir>
<dir>/usr/share/fonts/msfonts-style</dir>
<dir>/usr/share/fonts/default/ghostscript</dir>
<dir>/usr/share/fonts/ttf</dir>
<dir>/usr/share/fonts/ttf/western</dir>
<dir>/usr/share/fonts/freefont</dir>
<dir>/usr/share/fonts/Dustismo</dir>
<dir>/usr/share/fonts/ttf/decoratives</dir>
<dir>/usr/X11R6/lib/X11/fonts/msttcorefonts</dir>
<dir>/usr/local/share/fonts</dir>
<dir>/usr/share/fonts</dir>
<dir>/usr/X11R6/lib/X11/fonts</dir>
4. fc-cache -f -v
5. restart your window manager (ctrl+alt+backspace )
Voila! No more crappy fonts when looking at The Register in Konqueror:

Note that this problem occured when I upgraded via urpmi from 10.0 official to 10.1 official. Your mileage may vary.