The short answer is that the products are absolutely ready. It's taken three or four years to bring the products to this current level of maturity, but I can say that key products from the major players are all ready.
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For the sake of completeness, storage virtualization has also been applied to files and blocks (e.g., iSCSI). On the file side, there are the V-series products from Network Appliance Inc. (NetApp), as well as offerings from PolyServe Inc., Exonet or Isilon Systems Inc. -- those products are utilizing storage virtualization principles with a file focus in a homogeneous environment. On the iSCSI (block) side, it would be fair to include companies like Intransa Inc., LeftHand Networks Inc. and EqualLogic Inc.; each offering homogeneous virtualization products for their own storage boxes.
Check out the entire Storage Virtualization FAQ guide.