Have been thinking about this (and experimenting on debian linux and our little network), and the very perfect purpose for this sort of thing would be for storing the swap partition (or file) for systems that booted from the SAN already. I mean, if the main server goes down, you're going to shutdown your clients that booted to that server anyways, and you don't have to worry about keeping the data in the swap file, anyway, since it's just working as an extension of the system's RAM. Also, you could relatively easily enable autofailover for this situation, since the ramdisk is just a block device. Granted, you'd have to recreate the ramdisk every time you rebooted, but you could just make that part of the startup procedure. Plus, in linux, it's easy to make multiple swap partitions!
Here's an interesting paper on using an RDMA-connected (infiniband) network block device to store the swap partition on a ramdisk on a remote system:
Apparently, their performance was so good that certain tasks that they tested (like quicksort) were only 40% longer execution time than using local memory, while using a swap file on a disk is 20 times longer. Here's another presentation they did:
I might try setting this up myself in debian (may possibly try to get this working with drbd failover, just to see if it works...). I'll let you guys at open-e know what it's like.
Also, having to use the tcp/ip software stack vs. not (i.e. rdma) means that you have to use 3x the memory bandwidth (I think), which is fine at 100 MB/s, but you start running into problems at 1-2GB/s.