I also had concerns about it as my experience on PC shows that even SSDs are going to be problematic if you're attempting to utilize 16-24 GB of memory.
While what was shown for Spiderman is certainly promising and much better than PC SSDs, it remains to be seen just how well it'll cope with the increased demands from games in the next generation of consoles. It'll certainly be better than PS3 with current gen games, but will it lead to a reduction in load times even with developers taking advantage of the new hardware? I'd suspect it will, but the improvement in load times is unlikely to be as dramatic as the Spiderman demo would lead some to believe. But I guess if it at least maintains or slightly reduces load times in next gen. games compared to current load times on PS3, most console gamers would consider that a win