Remember that the network connection is only telling the software what files it needs to play back. It is not actually sending all the data thru the pipe, only sending commands to the drives which files to play. In the old Stratasphere editor the Mac Host sent signals across 10 BaseT Ethernet to a PC based Media server. The Mac only had the video processor, the media server had the RAID and the media. So the Ethernet connection is pretty efficient at shooting these commands across to the Xserve.
Uncompressed HD? I doubt it, but you can probably edit quite a few different formats using the ethernet to access the media files.
Try it. Let us know if you get it to work.
Rich Rubasch
Tilt Media