I have used this product in the past, and Powerquest makes pretty cool stuff. As for an "Enterprise" solution for use in a SAN for snapshots, I would say that depends on the scope of your "Enterprise." Powerquest has an FAQ on its Web site that discusses the exact capabilities of the V2i.
I have used it for bare metal restores on Compaq gear, since it captures the reserved space on the system disk for all the "smartstart" stuff.
There are numerous products available today from multiple vendors for creating snapshots, some of which handle open files, and some that don't. Some are implemented at the host level, like Veritas, and some at the fabric (appliance) level, like Falconstor. I guess the solution would depend on what you mean by "Enterprise," and "low-cost."
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This was first published in November 2003