Duplication of data in storage systems is becoming increasingly common. We introduce I/O Deduplication, a storage optimization that utilizes content similarity for improving I/O performance by eliminating I/O operations and reducing the mechanical delays during I/O operations. I/O Deduplication consists of three main techniques: content-based caching, dynamic replica retrieval, and selective duplication. Each of these techniques is motivated by our observations with I/O workload traces obtained from actively-used production storage systems, all of which revealed surprisingly high levels of content similarity for both stored and accessed data. Evaluation of a prototype implementation using these workloads revealed an overall improvement in disk I/O performance of 28-47% across these workloads. Further breakdown also showed that each of the three techniques contributed significantly to the overall performance improvement.