Re:Speaking of Microdrives... (Score 2, Interesting)

I worked on a senior design project for IBM at Michigan Tech where we did exactly what you want. A final report of the project is avaliable if you want to read it. Not long ago a company called Aristos Logic Corp. (spinoff from Western Digital) asked me and another member of the team who worked on the IBM project to troubleshoot their design. I guess they took our project and made a network storage product that boots from a CF card :).