re: "hash-based block addressing, deduping is a non-issue"
Oh dear... hash algorithms have collisions. You can't rely on hashing alone. Hashing can only tell you that there *might* be a dupe - you then need to compare both blocks bit-by-bit to ensure that they are really duplicates.
However, because you can't stick a TB of ram in a HD (or can you?) you can't maintain all those blocks in memory, therefore you need to read the potential block back from disk - do the compare before performing the write. That is likely to be a reasonable performance drag - maybe acceptable in the rare-ish dedupe-write events.
Minimally a 1TB drive will need approx 1GB ram onboard to maintain the block-hashes for look up. What happens after a reboot? have to read the entire drive back to build the block-hash lookup table before allowing any writes again?
Seems a little optimistic to me.