If logging for the VDS (Virtual Disk Service) is enabled on Windows Server 2003 and the Indexing Service is enabled, connecting a RAW hard disk to Windows Server 2003 will cause the $vds$.log file to grow rapidly, posting:
INFO: VDS(0X02040002): WM_DEVICECHANGE: wParam=32774 lParam=13893024
TRACE: TMP: GUID_IO_VOLUME_MOUNT event received.
This behavior occurs because of the way the the Indexing Service and Plug and Play interact with a RAW volume. Microsoft is aware of this problem.