NAS is not fast enough for live working... Only useful for backup (actually archive).
I run my NAS as my source image storage over a GigE wired home network. Editing is done using LR CC and PS CC with the files pulled
directly from the NAS (LR CC) and saved directly there also (PS CC). Some files can be up to 4GB (actually even 8GB) in size (for psbs - which for other reasons LR cannot access; the largest file LR can read is (the compatibility layer from) a 4GB TIFF.).
It is a satisfactory solution for me (I do not use ethernet jumbo frames either). My regular raw images held on the NAS are c. 24MB, and that is certainly also fine for me, though LR preview build (using 2015 rMBP) can take some minutes when importing a day's shoot of many 100s of images.
I do not use LR xmp sidecars, but pretty sure performance would be OK even if I were to, as they are only small files.
I backup my source images onto a 2nd (and 3rd) NAS. Backup is also done over wired GigE (actually using a Win machine and SyncBack), though my NAS are also accessible over WLAN.
I do not use Smart Previews and have never found a need to do so... As I say LR performance with the source files on a NAS over GigE is fine. If I were to use WLAN to access the NAS, then performance would naturally be worse dependent on which WLAN standard I was to use (currently I have N available).
All my NAS are in RAID5, though I do not think that is really relevant in this overall discussion. I just prefer to still be able to tolerate an individual disk failure within a NAS enclosure without needing to revert to the backups to restore. I keep my NAS running 24/7 (off a UPS) as they also run DLNA media-servers.
And LR does not happily work with NETWORK drives... you need directly attached storage, eg via USB3.
Just to repeat as per above, LR technically works just fine if the source images are on NAS - i.e. SMB or other network file-access protocols are OK for the source images.
It is the LR .lrcat - aka the catalog file(s) - which must be on a non-network drive. That is because those need non-sequential fast access as they are read and written with every Develop Module slider adjust or Library Module image scroll (and in the other LR modules as well of course). .lrcat is an SQLite database file. SMB and network file-access protocols do not really allow for such file access, and therefore LR detects the underlying .lrcat access protocol and will not physically let you have the catalog database file on a network drive.
I keep my .lrcat, .lrdata previews and ACR cache all on my rMBP internal SSD, and both Develop and Library performance is just fine.
I think my set-up with source images on (wired GigE) NAS and catalog, previews, and cache locally (on SSD) is not at all an unusual LR configuration.
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Mark W.
http://500px.com/Mark_Wycherley