So this is where my suggestion for a filesystem comes into play. I
used XFS in the beginning of my experiments with LVM but am migrating
to ext3 now, since XFS can only be grown but not shrunk. But growing
*and* shrinking are both natively supported features of ext3. Also it
seems to be slightly faster than XFS on my setup. I recently migrated
my /home (about 16GB) partition from XFS to ext3, using some spare
diskspace with an intermediate ext3 partition. Copying from the XFS to
the ext3 partition took about 14 minutes, whilst copying from the
intermediate ext3 to the final ext3 /home took 12 minutes.