In this paper, we describe our planned research program in high capacity, high bandwidth storage systems. The project has four overall goals. First, we will examine new methods for high capacity storage systems, made possible by low cost, small formfactor magnetic and optical tape systems. Second, access to the storage system will be low latency and high bandwidth. To achieve this, we must interleave data transfer at all levels of the storage system, including devices, controllers, servers, and communications links. Latency will be reduced by extensive caching throughout the storage hierarchy. Third, we will provide effective management of a storage hierarchy, extending the techniques already developed by Ousterhout for his Log Structured File System. Finally, we will construct a prototype high capacity file server, suitable for use on the National Research and Education Network (NREN). Such research must be a cornerstone of any coherent program in high performance computing and communications.