Yes. But to be fair, the main concern in blocksize debate is network bandwidth capacity rather than just storage.
It always amuses me when the youngsters have no scope of the march of technology. From my associate Tom Coughlin:
At the Open Computer Summit Facebooks Jason Taylor said that six years ago 1 Gbps Ethernet data center rack connections were common. Today, he said that 40 Gbps and even 100 Gbps networks are cost effective. By 2017 Facebook plans to have 100 Gbps network infrastructure in all their data centers. In addition to seeing an end to data center network speeds issues for some time to come many new innovations introduced at the Summit could change the way we store and share content.
These hyperscale datacenters are leading the charge to cheap mass bandwidth for us all.