This is kind of what I figured...
In the VirtualMin paradigm though, everything is by user and the apache content directory is a pluralism. Basically, to accurately provide fail over AND load balancing, all the /home/[user_xyz]/public_html directories have to be in sync. (As opposed to /var/www/htdocs/ or something like that) In addition to that, in the virtual hosting model, there are databases and variances in the php.ini configurations per user...and user passwords/id/groups and such are stored elsewhere...meaning that if /home/[user_xyz] is in sync, it does not mean that the users, data, and virtualmin working parts and pointers are all in sync.
I don't have much experience with NFS but I think I understand what you are suggesting. I am using older gear, so my intranet is 100MB and I would assume that this would affect performance in terms of read(s)/write(s) to the NFS mounted volumes? Basically, all but "boot" would need to be replicated...I've never used the load balancing module you mentioned.
Right now - I am just striving to get the Hot Swap to work. DRBD is the soundest means I can think of to replicate all the databases, users, files, and such. Basically, the "/" partition on serverA is the same as the "/" partition on serverB.
This is a simple guide...
http://wiki.centos.org/HowTos/Ha-DrbdBut of course if you did not have the foresight to keep some of your drive partition un-allocated, then you'll have to either use external meta-data for DRBD or "shrink" that partition's file system.
http://www.drbd.org/users-guide/ch-internals.html(The external metadata option is, um, not so good for recovery.)
..and of course, shrinking a mounted "/" is not exactly fun...
http://www.howtoforge.com/linux_resizing_ext3_partitionsI'll let you know how this adventure plays out. Many VirtualMin users have a configuration similar to the one you have mentioned. I'm a bit leery about using NFS - but I am willing to sacrifice a little performance if it means solid fail-over...
Thanks for your suggestions!