At the centre of this redesign is the need to save money.
Facebook doesn't need to run on the same hardware (NetApp) as banks and telcos. In this type of application, scaling up is done cheapest with custom software on commodity hardware.
Additionally, the custom software is pretty straightforward. It's certainly simpler than the rest of their app.
If you go though the older presentation. It breaks down at the disk I/O level. Not only that, it seems like one of the main reason was cost. CDNs can get expensive, especially when are the biggest Photo service on the internet.
I wasn't really including CDN in "storage system", even though it is listed in those graphics.
I'd really like to see some performance numbers that shows which parts of their old storage system started breaking down at which levels of scale.