If you're looking to have any kind of decent performance in your VMs this just won't work.
I've worked with VMs on all different kinds of storage (fiber channel SAN, local disk, iSCSI SAN (over 1Gb and 10Gb ethernet), Local hardware raid, NFS file shares, GFS2 (as in the RedHat cluster file system), and MooseFS and GlusterFS) All of these have been either in large test labs or in production cloud deployments. I've never had a cluster file system get close to passing muster as a storage medium for VM usage. IO is the number 1 bottleneck in virtualized environments, and these schemes just add completely unacceptable latency and bandwidth restrictions.
The only way to really run VMs is fiber channel SAN, local disk (or hardward raid), or iSCSI with 10GbE (on the storage server side). Even iSCSI with 2GbE (2x1GbE bonded) is not speedy enough to support more than 5-10 VMs running concurrently. You'll start to see problems at 5 VMs if the VMs are windows... For whatever reason Windows really likes to write to the disk. Currently I have 4 servers in my basement, a single storage server (6 2TB drives in a raid6, giving 8TB of usable disk) and 3 VM servers (2 2TB drives each, in hardward RAID1). I run the VMs locally and back them up to the storage machine over iSCSI nightly. I also have a shared volume on the storage system that all VMs and my household computers can access. I use openfiler for my storage system, if I had the money it would be nice to get a second storage server and replicate it (which openfiler supports), but I don't have that cash just sitting around right now
Backing up 8TB of data (ok, so I have about 5TB used), is basically impossible offsite, so we have a "special" folder on the shared drive that is backed up using crashplan, its about 600GB, and the first backup took nearly 3 months over a 5mbps upload.
The above setup is the only one I've found that is both a) somewhat affordable, and b) performs well enough to do actual work in the VMs. It provides for some mobility in the event of a hardware failure (if a VM server crashes, I can run the crashed VMs via iSCSI on another server (from the day old backup), If the storage server crashes, the only "important" data is the 600GB in the special folder... which would take 2 months to download over my home connection... But could be downloaded in stages, IE get the most important stuff immediately). If both a vm server and the storage server crash, I'm out the VMs that were running on the vm server, but again the important data is off-site, and the VMs can be rebuilt in a day or less.