So has anyone worked with this thing yet!? Microsoft has quietly released some new functionality in a hotfix for WSS. This new functionality allows WSS to work with externally stored files and documents.
There still isn’t any documentation on this, but it’s being written now, and will probably be available with SP1. So if your concerned about being able to store large files outside your database, just wait another month or so…
Here is the small amount Microsoft has said publicly so far:
An external storage API is available for Microsoft Windows SharePoint Services 3.0. The external storage API lets you store documents or files on an external storage device other than Microsoft SQL Server. This API also lets you upgrade existing Windows SharePoint Services 3.0 sites to point to an external storage device.
Which you can find here.