Actually EMC is the one hurting. FIO has turned the EMC business model on its ear. This is why EMC rushed to pre announce lightning. Then they released VFcache way before it was ready. They still have major features missing in VFcache and no promise of delivering them until next year. EMC also bought an appliance company to try and deliver on their promises of Thunder. EMC didn't have a solution they only had hype. But they do get this box based model that Thunder is all about. But how does that model work in the cloud or big web properties? It doesn't.
EMC is the new comer and they are only joining the race because they were feeling the pressure from FIO. But they are the rookie here. FIO invented this market and has more mature products. They also have no legacy business to try and drag along as this architectural shift takes place.
The cloud is here to stay and the biggest cloud companies are choosing FIO over EMC.