Plan 9's Venti archival storage (http://en.wikipedia.org/wiki/Venti and http://plan9.bell-labs.com/sys/doc/venti/venti.html) stores data as blocks, which are referenced by SHA1 hashes. Since these blocks range between 512 bytes and 56 KB, a large file (like a mail file) gets split into many blocks. The brilliant thing is that a given block will only ever be stored once; your top-level filesystem then only has to keep track of which SHA1 hashes make up a file.
With this system, people have been keeping daily snapshots of their filesystems over the course of years, and the space consumption rate actually tends to decrease over time--see the graphs at http://plan9.bell-labs.com/sys/doc/venti/venti.html