Exadata: New feature Exadata I/O Latency Capping causing ORA-27626 errors

Tonight we find out in My Oracle Support document 1925661.1 "ORA-27626: Exadata error : 2201 (IO cancelled due to slow/hung disk)" that the new feature Exadata I/O Latency Capping introduced with Exadata Storage Server 11.2.3.3.1 can actually interfere with I/O reads so learn what error messages you can prepare for in the log and trace files!