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My opinion is that database-specific solutions are probably going to give you better consistency with replication than hardware-based solutions. However, there are products, such as FalconStor, that are hardware-based solutions that interface with the database level. There is no hard and fast "this is always better than that" rule.
Such a complicated question can only be answered in context -- in the light of your environment. You need to establish your requirements, then ask your vendors how they will meet them -- and what it will cost to do so.
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