Earlier quoted context omitted.
But shouldn't NOCOW mitigate that? (which the article does for some tests)
NOCOW is horribly expensive because we still have to go check and make sure that there are no snapshots pointing at the changing extents. It only solves the fragmentation issue, and if you don't prealloc your image it doesn't even do that.
Seems like the expense of checking could be largely removed with clever enough metadata caching, which probably noone has had time to implement.