If memory serves the original EToys.com code treated the filesystem as tree-structured database using atomic operations (though no transactions). It worked just fine, then the rewrite with an RDBMS that should have been stabler and faster resulted in the famous meltdowns. Admittedly this is cheating a bit since you can name folders & files with semi-arbitrary or internally structured string keys. By 1997 standards pure disk access without having to walk the filesystem heirarchy was blazingly fast compared to many of the databases I was using.
[Source: I was friends with the guy who wrote it as well as other EToys employees. God that was a trainwreck.]