Also, file system granularity: one cluster for each value is a bit to much, so you need to make a tradeoff where the file system ends and the settings file starts. That of course doesn't give you a consistent API. So why not pull all settings into a few key files, and give you a consistent API to access it? BAM - registry.
(And since MS generally considers API more importantthan format, it's no surprise the files are opaque)
[Raymond Chen voice]Remember, it was designed for computers where 4MB of RAM was plenty.[/Raymond Chen voice]