I’ve just posted an article on SecureFiles in Oracle 11g. It looks like Oracle have done a pretty good job of improving LOBs in 11g. Depending on the LOB contents, and provided you can cope with the processing overhead, you can certainly save some serious space using the compression and deduplication options. Anyone who’s used Transparent Data Encryption (TDE) will recognize the encryption options.
I can’t see the old-style (BasicFile) LOBs lasting very long now this is in place.