Not in 2008, but in SQL 2012 you don't need to have shared storage and it WILL perform automatic failover if configured, as well as seperating read and write load, offsite backups and automatic corruption detection and repair.
You only need to file structure (disk letters and folder locations to be identical on the servers) if your going to consider this... check out these links...
http://msdn.microsoft.com/en-us/library/jj215886.aspx
then use brent's great checklist (this also contains further links to important pre reqs that you MUST perform and test before installing AlwaysON :
http://i.brentozar.com/sql-server-2012-alwayson-availability-groups-setup-checklist.pdf
the only showstopper may be, this is only available in enterprise edition...