The document discusses key features of the ZFS file system including its use of pooled storage, data integrity through checksumming, snapshots and clones, scalability, and dynamic striping. Some advantages of ZFS over traditional file systems are more efficient storage utilization through pooled devices, self-healing capabilities, and faster administration through instant snapshots and clones. Challenges of ZFS include limited adoption, higher CPU and power usage than some traditional file systems, and lack of built-in encryption.