iSCSI and FC works at a block level of the storage, not on the file level. You create volumes on a SAN, or NAS supporting iSCSI and bind this to the IP address of the machine (or machines) you want to be able to access it. On the client machine you have what's called an "iSCSI Initiator" which pretty much does what it's named. I initiates the volume, and mount it on your machine. Then you have to format it, just like you do on a real harddrive.
Think of it as a real harddrive physically connected to the machnie, but emulated and ran over the network
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You get more bandwidth and a faster connection than with common file sharing protocols that run on a file level.
I want to put a SAN in the server room and set it up with RAID5, and then run Pro Tools, Logic etc with it.
Record directly to the drive.