Simply put: Your computer see's the iSCSI server as a Hardisk. Which you can partition, format, etc, just like normal harddisk.
Big difference with normal fileserver: your pc is responsible for storing the data, not the fileserver. in other words: your pc decides if something was written away, instead of getting an "OK" from your fileserver.
I'll report performance when I have something running at home, but I think it should be fast enough.
As a plus I can put my noisy harddisk in another room
