Bruce's lecture on MVCC: In 9.1, we have repeatable read. This is old "Serializable". Now serializable adds another condition. When a conflict is detected, the transaction will be aborted. This will be covered by Friday's lecture on "Serializable Snapshot Isolation". I need to listen to it to have better idea how to support new isolation level.
Important point is they completely work locally, even in distributed transactions, and you will notice that this does not require any change to XC --- GREAT!!