RAIDZ is not highly recommended for a variety of reasons for VM backing store.
This includes the discussion on volblocksize specifically as it relates to zvol's here:
http://forums.freenas.org/threads/raidz-with-4k-blocks.16339/
But in general VM backing store is a particularly nasty set of problems that all coincide. Fragmentation on these pools is a problem that could ultimately doom a poorly-designed pool; the best fix for that particular problem appears to be to drastically oversize the pool (4x-10x) in order to reduce the eventual performance hit.
The best option for VM backing store appears to be:
1) The use of striped mirror vdevs,
2) Possibly (area for research) a smaller pool blocksize,
3) Massive free space overprovisioning to allow ZFS flexibility in space allocation (absolute minimum pool should be sized 2x what you plan to use),
4) Large amounts of RAM, minimum of 2GB per TB of hard drive in the pool, maybe more like 4GB,
5) Sufficient ARC or L2ARC to hold the entire working set (blocks read in a given period of time, like 1 hour or 1 day),
6) Something for SLOG.
Turns into a kind-of large project.