MySQL works very well even for very large datasets. I use it at SaaS financial services company, and it always worked well. I also use SQL Server and Oracle for very large applications, and MySQL does not work best or worst. However, I focus on the business layer, and you can get more detailed opinions from people close to the database.
When choosing a template, keep in mind that it is much easier to scale the application level than the data level (it is easy and cheap to add application servers). Performing many unions for common operations can cause a performance bottleneck.
I would suggest you a prototype of both approaches so that you can get to know each of them better and compare their performance in your particular environment.
In addition, you might want to look at alternatives to SQL that are trying to create a template similar to the one you draw. A friend in a very large, well-known Internet company begins to use Project Voldemort . He prefers it with similar efforts, mainly due to a very active community.
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