edit: Longhorn concept video: https://www.youtube.com/watch?v=b9ifQvQCO7Y
Have you seen the WinFS trailer: http://www.youtube.com/watch?v=fZ_4p5iUc88
You can try out BeOS open source successor that comes with a BeFS compatibility called HaikuOS. I suggest you to read the BeFS book written by the main developer who later developed the Spotlight search engine for MacOSX 10.4+ and later iOS. http://en.wikipedia.org/wiki/HaikuOS , http://en.wikipedia.org/wiki/BeFS , http://www.nobius.org/~dbg/practical-file-system-design.pdf , http://en.wikipedia.org/wiki/Spotlight_(software)
Both NTFS and the newer ReFS (http://en.wikipedia.org/wiki/ReFS ) offer almost equal capabilities to BeFS. And it's a real shame that Microsoft hasn't been able to come up with a decent GUI. Even Vista had a better advanced search dialog integration than the successor's Windows 7 and 8.x
Admittedly file managers these days at least can show thumbnails and in some cases even previews of the file which is great. They also are capable of extracting some metadata of files, but that still feels bit tacked-on in most cases. Versioning is also available in various forms, but that too could certainly be better integrated to the system.
Imho it would be interesting to see a system which would forgo our current conventions of files and directories, and instead would be more strongly be based on the concept of tags, metadata and objects.
But I got sidetracked... I meant it is nice that people are trying to rethink even a little how we manage data, even if this particular project doesn't really hit the mark for me personally.