I agree it's not necessarily going to be that practical for larger items of data, though.
LDAP would be a better comparison, though I can't say I fault people for reinventing LDAP on a regular basis given how annoying it is to work with.
In this regard, DNS isn't broken and doesn't need fixing. HostDB seems especially obnoxious since it also stores the FQDN and IP address of each host, information which ends up being duplicated in DNS.
We have a Chef plugin that maps all our machines to IPs. We then delegate a short subdomain to that DNS server and bam, access any server at hostname.sub.domain.com
Set it to your search domain and you can access any of your servers with just the hostname.
Weird that DNS is mentioned though because I thought this would be about Tom Limoncelli's hostdb, which is a DNS management database!