I do see some original benefits to a VFS though, bad application decisions aside, but they are exceedingly minor.
As an aside I think JavaScript would benefit from an in-memory database. This would be more of language enhancement than a Node.js enhancement. Imagine the extended application capabilities of an object/array store native to the language that takes queries using JS logic to return one or more objects/records. No SQL language and no third party databases for stuff that you don't want to keep in offline storage on a disk.