Had a bit of a problem there for awhile.
I was cleaning out my server space, and deleted a project, not realizing I had set it up to serve media for this site.
It took some poking around but I finally got the media back up!
Here's an overview:
1. Create symbolic ln through the webfactional control panel to where you want to store your media.
2. Create a Site in the webfactional control panel to define the sub-domain you want to serve media under. In my case media.monkut.webfactional.com. And link the site to the sym link you created in 1.
3. To serve admin files, previously I had an alias set in my httpd.conf to link to the django admin files. This time since I'm pointing the server to my directory via the control panel settings I just created a symbolic link to the django admin files in this directory.
4. Update all templates.
5. Update settings file appropriatly!
And back in business!
I initially struggled with the httpd.conf thinking that's what I needed to do, but it turned out editing that conf was unnecessary.