LVM-snapshot + mysqldump -- is this a reasonable backup strategy?

[James G. Sack (jim)]

This recipe is intended to minimize the impact on ongoing database
operations by inhibiting writes only during a relatively speedy
operation (creating a snapshot). The long dump operation can then be
performed on the (stable) snapshot, without interfering with ongoing use
of the live database.

 1. effectively quiesce and stabilize the database via "flush tables
with read lock"

 2. while writes are locked-out, make an LVM snapshot of the filesystem
containing the db

 3. after snapshot creation finishes, release the write-lockout via
"unlock tables" 

 4. mount the snapshot

 5. load a second database server daemon accessing the db within the
snapshot (with a suitable alternate my.cnf file)

 6. perform mysqldump operation on the snapshot-db

 7. cleanup (unload second db server, unmount and delete snapshot)

So what monsters lurk within this backup strategy?
..jim