We're seriously considering doing the same thing. Out of 1.6-Tb, we have 1.3-Tb in LONGs, LONG RAWs and CLOBs that we're probably going to move out of Oracle. We're reaching a tipping point where we'll soon have to buy more SAN storage, multiplied by three (physical standby and full copy for Staging environment). I'm very interested in seeing other replies, ie, horror stories, gotchas, etc.
We're also testing compressing the LONGs and CLOBs before they're inserted into the database and engineering the application to compress/uncompress in flight.
Regards, Mark Strickland Seattle, WA -- //www.freelists.org/webpage/oracle-l