If you're looking for transparent on-the-fly compression, there's really nothing currently supported, at least in an integrated way with linux.
Reiser4 supports it, which would make it the only linux-standard filesystem to do so, except that it's still developmental and given the current state of affairs, will likely not see the light of day in a production kernel. You can only get reiser4 by compiling it separately or enabling it in an experimental -mm kernel, neither of which I would recommend for production use.
Aside for that, there are compressed filesystems such as SquashFS or CramFS, but they're read only, but popular with liveCD's etc.
There are also some options available via Fuse, if you don't mind your filesystem living in userspace rather than kernelspace. In fact, there's a port in process to make ZFS available via FUSE. But again, I'm not sure they're ready for production use.
Cheers,
KV
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