For IP storage, in a way yes. Setting the das.isolationaddressx setting to your storage controllers virtual interface and setting isolation reponse to Shutdown allows HA to restart VMs on hosts not suffering an outage in a timely manner. In my opinion this is an advance to IP based storage over block based.
I have an example architectural decision on the above on my blog. For FC storage, vSphere 5.1 has enhanced support for APD and PDL but this isnt really what your after.
Setting custom isolation address doesn't really help FC storage as it runs over a different (SAN) network. In the case of FCoE, then the same technique can be used as in the example below.