As DaveM pointed out, a similar functionality can be achieved by tweaking the SQL Server a bit.
Documents in the Content DB's are stored in BLOB fields, and Microsoft has addressed the issue with storing huge BLOBs, with something called Remote BLOB Storage, that allows the SQL server to transparently store large BLOB values directly as files in the filesystem.
Basically, you need to enable the FILESTREAM RBS provider, already installed by default on SQL Server Standard and Enterprise editions, install a RBS client library on the web servers, provision an encrypted BLOB store filegroup and enable RBS on the particular database.
The process is outlined in this Technet article
NOTE: Due to the fact that the Remote BLOB store is still a database file group, this does not reduce the logical size of the database, but the database files (*.mdf) is reduced, and performance on indexing and search time might improve.
The Content Database still cannot exceed 200GB