Actually, u-boot does know about jffs2/ubifs. It can load kernel from inside jffs2 just fine. I haven't tried ubifs though.
As far as I can tell by looking at the u-boot sources, there is some code to deal with ubifs, but I don't know what exactly it can do and how complete it is.
I've been playing with this but couldn't get it to work. This is how far I got:
http://oinkzwurgl.org/guruplug_ubootNot sure what the exact problem is. Maybe the ubifs stuff in the u-boot I used is different from what they used to initialise the NAND.
It would be nice to be able to boot from the flash partition or the SD card. One could easily update the kernel and use an initrd.