The Enterprise Volume Management System (EVMS) Project has the goal of providing unparalleled flexibility and extensibility in managing storage. It represents a new approach to logical volume management, as the architecture introduces a plug-in model that allows for easy expansion or customization of various levels of volume management.

This should make its way into the 2.6/3.0 kernel tree. Looks to be far more advanced then the current LVM (Sistina) shipping with RedHat and other distros.

The paper comparing EVMS and other Linux VMs sums up things nicely. And be sure to check out the management client's screenshots.

Linux Enterprise Volume Management System (EVMS)