SSD is probably not as fast as RAM, but it's much much cheaper, in the order of 10x per gigabyte. With SSD-GPU bridge you can have fast access to a multiple TiB training set, on a single machine.

Data pre-processing is indeed an issue, but hue adjustment/flipping/cropping could be implemented as Tensorflow operations, on the GPU. Similarly with input decompression - it would either have to be done on GPU, or the data would have to be stored uncompressed.