Even though it can do some things atomically, it only does with one file at a time, and race conditions are still possible because it only does one operation at a time (even if you are only need one file). Some of these are helpful anyways, such as O_EXCL, but it is still only one thing at a time which can cause problems in some cases.

What else it does not do is a transaction with multiple objects. That is why, I would design a operating system, that you can do a transaction with multiple objects.