InnoDB filesystem

[JFL]

I've been told that InnoDB on a raw partition is the fastest setup.

To setup my system for this, could I create a partition called /innodb 
and adjust the my.cnf like this?

innodb_data_home_dir = /innodb
innodb_log_group_home_dir = /var/lib/mysql/
innodb_log_arch_dir = /var/lib/mysql/

I suppose that innodb_log_group_home_dir and innodb_log_arch_dir can not 
be on a raw disk?

Any other tips, pros and cons?

Thanks,
Jacob