This is going to have big consequences for the way that we design systems in the future. Transferring a large amount of data is going to be cheap and fast. Seeking, handshaking, back-and-forth and any other latency sensitive operations are going to be slow and expensive. This has already played a big role in algorithm design in HPC, and is going to start being felt to a much larger degree in the wider field over the next decade. As the latency/throughput ratio gets bigger, the tradeoffs behind optimal system design will change.
30ms for a Cray 1 was only 2400 clock cycles. 8ms for a modern CPU is around 30 million. That's a big change.
2.4 million clock cycles. (According to Wikipedia, the Cray-1 had a 80 MHz clock, which you also mention in your other post.)
It wasn't rare at all to find fair sized servos (as opposed to steppers in consumer grade stuff in the 80's) in those old disk pack units (the size of a washing machine).
You can't really compare 'common 7200 RPM drives' of today with a top-of-the-line medium from the 70's, physics didn't change at all in that time. That's why there are 'servo tracks' on the drive, they help with finding the right track (in a stepper scenario you don't actually need those, the stepper resolution defines where the tracks are).
Today enterprise level drives achieve < 4 ms average seek times at a price point which is a small fraction of what that drive cost in the 70's.
That's where the real improvement factor sits: performance (both in capacity, seek time and transfer rates) vs cost.
And that's many orders of magnitude.
Tape seek times (for half a tape) are closer to 40s, which is still 100x more. We'll have to wait a while yet before disk is the new tape in terms of cost of seeks, even when comparing the 70s to today.
That's only considering latency. The cost consideration is a completely different story.
The unit has an average seek time of 30ms in 1973. Today, in common 7200 RPM drives, it seems to be around 8-9ms. There is only a factor of improvement of 3 to 4 times.
I find this pleasantly surprising.