For community distributions? Maybe. Time will tell. I'm supportive of btrfs, and helped to rally industry support for it behind the scenes, but I'm also realistic about how long it takes to bring a file system to production status. Sun had around two dozen engineers (from what I could tell) working five years (2000-2005) before ZFS was released --- and then it was another three years or so before system administrators really trusted it for critical production systems at least in an enterprise data center. Consider the following report by a system administrator in 2007: http://forestlaw.blogspot.com/2007/03/solaris-zfs-not-rea...
<i>Btrfs is heading for 1.0, a little more than 2 years since the first announcement. This is much faster than many file systems veterans - including myself - expected, especially given that during most of that time, btrfs had only one full-time developer. </i>
Actually, from what I can tell, btrfs is a bit behind schedule. It was supposed to be format-stable by December 2008, and it's not quite format stable yet. Last I heard it still panic'ed on ENOSPC. And its userspace tools are still quite primitive at this point in time.
Can it be ready for community distributions in two years; probably, but a lot of work needs to be put into it between now and then. And from developers beyond just those at Oracle.