From what I can tell the LVM method is a linux storage method that allows data to be stored in a varying sized partition by allowing on the fly resizing. The chinese method of dealing with the sotorage partition looks pretty much the same, if you look at the free app storage space it will be only around 100mb or less, but as you install more apps more space is allocated so it appears there is the entire device storage available.
I would assume the only difference would be in the way the Rom sees and interacts with the device storage. But on the most part there doesn't seem to be any real world issues, everything seems to work great and I wouldn't know it wasn't running on the LVM partition.
Thank you so much for your explanation