It is a great way to work with disk resources and is very similar to Novell's Network Storage Services (NSS) volumes (minus the very useful 'salvage' tool). To get around the lack of a salvage tool you can create regular snapshots of your data. These snapshots are like CVS branches in that rather than creating a separate copy of the data a snapshot tracks what has changed on disk from a particular time.
For example to create a snapshot of your 'data' volume you perform the following command (Note: you must have the dm-snapshot module loaded into the kernel):
lvcreate -L10G -s -n salvage /dev/system/data