This is an interesting question. Traditionally, NAS has been regarded with some skepticism for Oracle. However, an industrial strength NAS server with a fast, dedicated high-reliable network can work. Think Gigabit Ethernet and multiple connections between database server and NAS server.
The DAFS initiative started by Network Appliance is directed at making NAS an even better solution for databases. Not just Oracle, but DB/2 also.
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This was first published in April 2002