.Net 4.0 Memory-Mapped Files verses RDMS Storage-Collection of common programming errors
SQLServer can use memory mapped files if you choose “SharedMemory” as the protocol. Otherwise it’ll use Pipes, TCP or VIA.
Regarding pros and cons.. to me they are amost not comparable. SQL has the whole query/multiuser/transaction etc infrastructure built in. If you store with MMF’s you are on your own regarding all that. On the other hand, MMF are built in the OS.. no seed for a server/service.