FileVault 2 is a very different animal from the original FileVault. Where FileVault only encrypted the user's home folder, FileVault 2 encrypts the entire boot drive (and optionally any other attached drive). FileVault 2 actually boots from the Recovery Drive, requests the password and then boots the encrypted drive. Many of the horror stories involved forgetting passwords and Master password problems. The Master password is apparently a matter of history and Apple provides the ability to get in using the Apple ID password. FileVault 2 goes a long way toward alleviating any of my concerns about data recovery.
Admittedly I have not turned FileVault 2 on -- YET. If I used a laptop it would DEFINITELY be FileVault encrypted. Although I have confidence in the six digit login number and fingerprint security on my iPhone and iPad, I wish there were a FileVault 2 solution for both of them as well. They are obviously the most vulnerable if for no other reason than their portability and the fact I seldom go anywhere without the iPhone or both the iPhone and iPad.
