Since the pyra's going to be using debian, and since you're going with 3.17 I see no reason to not use btrfs+zlib compression to help reduce the number of writes on the sd card, along with speeding up the overall reading of the data off of it. Admittedly it doesn't yet have lz4(which I hate) but you do have zlib compression available to compress the various binaries/files on the rootfs to help decrease boottime.