WinFS doesn't JUST store metadata. While it may apply for old filetypes that you just promote into the store, it's not true for WinFS native schemas and future 3rd party ones. Unless you define varbinary(max) fields in your WinFS schemas, it won't spawn a NTFS
filestream for the respective item types and the data associated with the fields will go into the table created by the schema.
What do you want to say to me ?! I don´t understand. Can I store a "filesystem item" in WinFS Sql Server ? How does it work ?! Is "WinFS native schema" an xml schema ?