I think John is spot on here with some great examples.
AND, when we link to blogs, we need to keep in mind where the blogger works. Mark Arnold does work for a major storage vendor, and of course storage vendors are going to tell you that JBOD is not a cheaper solution.
Also keep in mind that Microsoft doesn't make any more or less money based on your storage solution. Almost all of their money comes from those exensive CALs. So they are really trying to find the best cost solution for you so you will like Exchange more and be more inclined to stay with that rather than switch to a competing email solution. If Exchange is better, faster and CHEAPER, then MSFT FTW.