What is ZFS? at OpenSolaris.org
What is ZFS?

ZFS is a new kind of filesystem that provides simple administration, transactional semantics, end-to-end data integrity, and immense scalability. ZFS is not an incremental improvement to existing technology; it is a fundamentally new approach to data management. We’ve blown away 20 years of obsolete assumptions, eliminated complexity at the source, and created a storage system that’s actually a pleasure to use.

ZFS presents a pooled storage model that completely eliminates the concept of volumes and the associated problems of partitions, provisioning, wasted bandwidth and stranded storage. Thousands of filesystems can draw from a common storage pool, each one consuming only as much space as it actually needs. The combined I/O bandwidth of all devices in the pool is available to all filesystems at all times.