It's a nice feature, but...
While this feature sounds neat I have to ask...
What about applications? The stolen documents when I lose my iPod is bad enough. But what about the security risk of having a user run whatever applications are inside his home directory?
It would allow a university student to run an app he has but the school doesn't on their computers. Oh, look. the new wave in money saving for schools: students must provide their own copy of Word to write term papers with.
But the student could also run Return to Castle Wolfenstein on the lab machines too.
An employee could run a program that causes network stability problems or hack company security.
Also, concerning the music library thing: There could be an iPod firmware release allowing the music player to access the music library from the home directory instead of its own area. But the FileVault encription could get in the way, unless we have the iPod decrypting it, too. But then the password would have to be on the iPod somewhere unless you wanted to enter it whenever you turned your iPod on (what a hassle). Also, this would make it real easy to pirate music between Macs, no?