If you are looking for a detailed explanation of the features and enhancements to the storage stacks in ESX 4 as well as the differences between storage in ESX 3.5 and 4.0, the following presentation has what you are looking for:
Vmug V Sphere Storage (Rev E)
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vSphere Storage: Features and Enhancements
This presentation was written and delivered by Nathan Small, a staff engineer working in VMware support, at the Mid-Missouri VMUG in August 2009.

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