I like network based storage, for two reasons (there are others, of course): speed, and cost. It's pretty compelling to ask, "Are you really building a dedicated physical network for a single protocol?" Using your ethernet network for storage is a better use of resources, in my opinion.
Cisco UCS can do mulitple 10GB connections, up to 160Gbit per chassis with the right IOMs. Just an example, but you get the idea.
You're right about FCoE. Even with multi-hop FCoE, most shops aren't using it.