I still believe that the hdd is way behind in terms of technology.
If you really think about it the hdd has been around so long and hasnt really changed and its considered ancient technology.
Once the SSD drives are available at the same price of the HDD, more people will realize they dont need a faster cpu to get the best upgrade when the hdd's finally catches up, even the powermac g5's will be freakishly fast.
I think that when we start to approach 16 or 32 GBs of RAM as being standard, you will see the file system depending on RAM to compensate for the lack of storage performance.
Imagine Vista's ReadyBoost on steroids. The OS image will pretty much be one contiguous file that is burst read into RAM and then executed, eliminating the need to open and seek between multiple files.
The trickier part are the writes. For best performance you want to write into cache and let the cache write back to disk as fast as the storage allows. The application is only blocked as long as necessary to copy the data into cache. The cache writes back to disk in a background thread/process. Of course, once you fill your cache, your application blocks... but with umpteen gigabytes of cache, most applications will never fill the cache.
But what will the OS do if there is a system or power failure? You actually want that write to make it back to disk somehow. Today you can find external storage systems manage large caches using battery backup, giving the disks the extra few minutes needed to write that data to disk when the system fails.
Seeing this sort of logic built into every-day systems means a revolutionary change compared to today's technology... from the power supply (having built in battery backup)... to the disk controller being able to queue up gigabytes of I/O to operate without the need of the CPU.
All of this could happen today, but not in a cost-effective manner. The first obstacle is the adoption of 64 bit operating systems and the associated price of massive amounts of RAM.
By the way, I am speaking from experience... I actively develop for both the Mac and PC, shipping a product that does real time processing of gigabytes of data per second. We spend significant amounts of time every release constantly enhancing our technology to reduce the effect of system bottlenecks.