According to
Red Hat, you would be looking at XFS or GFS2 to get 18TB.
LVM is your disk partition, ext3 is your filesystem. Compare LVM to adding a 18TB HDD and/or SAN LUN and then needing to put a filesystem on it to actually use it. Unless of course whatever application has it's own proprietary filesystem and can handle direct I/O (like oracle ASM).
in terms of disadvantages, it depends on what you are putting on there. A single large DB on an 18TB LUN shouldn't cause any problems. An 18TB LUN full of tiny files will create a big headache.
As for chkdsk, you could really say any application/tool that needs to access many of the blocks will take forever. It is a function of your disk speed.
Don't forget to consider how you will back it up too.