You are specifically talking about heterogeneous storage. Yes, it can be selected ‘dynamically’ on file-creation and also can be changed on existing files. Please see section “How Applications will use Heterogeneous Storages” at http://hortonworks.com/blog/heterogeneous-storages-hdfs/. Also the API work (almost close to being done) is being tracked at https://issues.apache.org/jira/browse/HDFS-5682.
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