A colleague of mine has tested this and verified that it in fact does work. He did note that you cannot enable flow control on a per interface basis it has to be done for the entire switch. This is a little bit of an issue because it is recommended that this is enabled on the NetApp interfaces but not for VMWARE hosts. So it's a bummer if you have your storage and virtualization systems connected to the same stack.
Apparently Dell makes a stackable switch that provides functionality close to Cisco's Stackwise.
Like the Cisco 3750 series switches, with the Dell PowerConnect 6200 series you can have a Port-Channel span multiple physical switches. Cisco calls this Cross-Stack EtherChannel, I haven't quite figured out what Dell calls it yet.
While the performance isn't as robust as some of the 3750 switches, the price is way lower.
From Dell's site it was hard to determine whether or not the PowerConnect did support this type of configuration. I confirmed with two different people at Dell that it did. I am waiting on a couple to test.
