side-note: I find it very very interesting to think about a filesystem of unknown content and size. It's basically an infinite tree through FUSE. Nothing crazy, but interacting with it directly is inspiring.
Back in the kernel 2.2 days there was an explosion of experimental filesysyems, like ftpfs, cdfs/cdripping fs, and more. Now that we have widespread FUSE bindings it seems we'll see a filesystem renaissance.
Right but ftp/cd are finite data sets. So far nobody has access to youtube full index and the virtual fs has to generate/navigate on the fly. Imagine a GoogleSearchFS, makes things a little different.