In principle I dislike the coupling of volume manager, raid and filesystem.
But I still think zfs gets most things right; I see the argument for a concistent system managing caching/logs, volumes, data integrity, discard support, compression, snapshots and encryption.
The fact that it's the first serious, open, cross platform solution (Linux, bsd, Mac, winnt) that provides encryption, integrity and filesystem is a nice bonus.
And the integration of snapshots and fs dumps via zfs send/receive is beautiful.
I think zfs makes sense like one fat layer - networking can go below (drdb, iscsi) or on top (iscsi, nfs, cifs).
Encryption need to be somewhat holistic - for making sane performance and data leaking tradeoffs.