> On a raw filesystem, how does one know where a certain object exists?
The name "raw" says it all - you're on your own.
It's up to you to record the names, sizes, locations on disk.
Don't forget that once you've written all your images, you may want to start deleting them as well. This will then create a huge fragmentation problem for you (not to mention a defragmentation problem).
Personally, I'd go with the file system until I know exactly what performance problem there is (if indeed there is any).
Being Linux, installing new file systems isn't too hard, so there may be some 'hugeImageFs' out there which provides the advantage of writing images to large contiguous blocks of disk (for performance), but hides some of the pain from you as well.
--