Oracle ACFS (ASM Cluster File System) in version 11.2 offers a versatile multi-OS file system that integrates with grid infrastructure, supporting dynamic resizing and diverse management tools. It operates on ASM (Automatic Storage Management) features, relying on striping and mirroring, and allows for online snapshots and replication across clustered environments. Key concepts include volume management, space allocation, and various operational restrictions, with specific prerequisites for deployment and real-time replication capabilities for disaster recovery scenarios.