For a stable POSIX filesystem in production latency is key. Often times in a datacenter 10GE is recommended for network storage solutions, not because of bandwidth (which is also important), but for the 10x reduced latency of a 10GE NIC. Most applications simply expect response times of microseconds or a few milliseconds at most from a POSIX Filesystem, they simply cannot run (without modifying the codebase) on something much slower.
But if you had to rewrite your application anyways, then you might want to use plain S3 without the FS, that is easier to operate in the long run.