Unfortunately, the amount of time I spend running/breaking the development version of Ubuntu prohibits full disk encryption, but I do have /home encrypted. Is that "good enough"?
Well, I use /home with luks on some machines and user directory (encfs) on others, but have all of them with swap encrypted or no swap partition at all.
Since the keys/other private info might leak there, you are not doing it right, unless you have sysctl swappness level set to 0.
Not only that, /tmp and other temporary directories might also be another leaky place...
It's not reliable. Think /tmp (deleted temp file data can be recovered), hibernate/swap, log files, and so on. And OS can be more easily tampered with undetected (rootkits/keyloggers etc).
Considering my habit of re-installing the entire OS every few weeks (I tinker a lot with no safety nets), I think I'm ok. I agree that for anyone else though, it isn't enough.