This is a momentus development. (See what I did there?)
Until now, capacious storage and SSD-speed storage were not available together except at a severe premium.
This way, they are.
I've been using the Seagate hybrid drive for two years. It didn't work too well pre-Lion, to the extent that I removed it and used a conventional drive until Lion came out. Then I tried it under Lion and the issues had disappeared. Clearly Apple had done something at a very low level to make that drive work.
But Seagate's hybrid drives max out at 16GB of flash cache, and it's cache rather than a faster-rate band of a physical volume, which is how this seems to possibly be implemented.
Some folks wonder why the flash part of Apple's solution isn't just treated as a separate volume. I expect that would break a lot of software. Just consider the mess if an application wakes up on a different volume now and then... dude, where's my files? Maybe it could've been managed with some down-deep automatic symlink management but the potential for screwups would be very high. This approach avoids that issue.
(Not to be overly pedantic, but the repeated comments on this thread about the "higher rotational rate" at the periphery of a disk drive is not quite correct. The rotational rate is the same across the disk. It's the lineal speed that increases towards the periphery, proportional to the radius in fact, and if the interface and controller can support it there can be a higher data rate for tracks near the outer edge.)
Next up, I hope a fresh file system is in the offing.
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Hmmm constantly move & transfer most-used data from hdd to ssd. Which will degrade ssd performance superfast. If you know the mechanics of ssd, this doesnt sound good at all. And what the hell is this different from hybrid drive, revodrive, or etc.
I've yet to hear reports of any epidemic of well-used SSDs failing in Airs, rMBPs, etc, not to mention iDevices... which in all cases have ALL read/writes done to SSD because there is no rotating media in the machine.
Flash's limited write capability was a big concern early in the technology's emergence, and I was among those who hesitated. But so far the doom-and-gloom crowd doesn't have a lot of horror stories, and it's been a few years now with no huge wave of deceased SSDs.
And there appear to be big differences vs. hybrid etc. The flash bits are much bigger, for example, and it's not used as cache. The Momentus XT's flash is entirely cache and is limited to 16GB in the top models.