I've seen your email exchange with Matt Dillon on tux3 and hammer on the dragonfly lists some time back. Hammer can take snapshots at very fine-grained interval -- say every few minutes -- via a cron job and it is not very expensive (supposedly -- I haven't used it myself, yet). That would be incredibly useful. Undelete doesn't take care of all recovery requirements either -- you may have deleted text in a document that you later want back, for example. With hammer, just look at the snapshot from 2 minutes before you deleted it.
I suppose if you have a filesystem where many bulky files are being altered frequently, this is not a great idea, but you can tune the frequency of the snapshot and pruning (or disable snapshotting entirely, if need be...)