I tried that, but had two problems:
When migrating a VM from one host to another it would require cloning the LVM volume, rather than just importing the group on the other node and starting the VM up.
I have existing VMware gusts that I'd like to migrate over in bulk. This would be easy enough to do by converting the VMDK files, but using LVM means creating an LVM group for each VM and importing the contents of the VMDK into the LV.