I thought filevault only encrypts the home (users) directories? and that it is not really compatible with time machine? Most people just want a encrypted container they can mount when they need it and not the overhead of an entire encrypted home directory or filesystem.
For example, I keep my tax info, receipts, errr 'videos', and other personal stuff in a truecrypt volume on my linux server. I mount it when I need it and unmount it when I'm done. I don't think the overhead of using lvm encryption (encrypting the entire partition) is worth it. Plus, if the volume gets currupted, I only lose what is in the volume and not my entire home directory of things that need no security (my mp3s, video games, random downloads, emails (well the non-encrypted ones), calender events, stock image collection, etc).
I'm not very up to date on filevault, but if it can make containers I can easily mount and unmount at will and is secure as truecrypt then it is a very valid option. Providing of course you do not need the more advanced features of truecrypt (hidden volumes, keyfiles, multiple encryption schemes, travelers mode on usb sticks, peer review of source code to ensure security, and being able to use the volumes on windows, linux, or mac).
Actually, I have been concidering getting something setup on my macbook. I want to start storing client info directly on my mac so I do not need to ssh into my office. I of course was going to use truecrypt, but I'll take a deeper look at FileVault.
Another major issue is being able to use different passwords per encrypted volume, I want my passwords separate from my account password.