SupportPRO.com: LVM Howto

"With logical volume management, the whole disk would be allocated to a single volume group and logical volumes created to hold the / /usr and /home file systems. If, for example the /home logical volume later filled up but there was still space available on /usr then it would be possible to shrink /usr by a few megabytes and reallocate that space to /home. Another alternative would be to allocate minimal amounts of space for each logical volume and leave some of the disk unallocated. Then, when the partitions start to fill up, they can be expanded as necessary."

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