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.