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"The study indicates that if objects are larger than one megabyte on average, NTFS has a clear..."

http://share.madspedersen.net/post/230055207

“The study indicates that if objects are larger than one megabyte on average, NTFS has a clear advantage over SQL Server. If the objects are less than 256 kilobytes, the database has a clear advantage. Inside this range, it depends on how write intensive the workload is, and the storage age of a typical replica in the system.” - Never Talk When You Can Nod: When to Externalize BLOBs

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