NAND flash memory (NFM) based storage devices, e.g. Solid State Drive (SSD), are rapidly replacing conventional storage devices, e.g. Hard Disk Drive (HDD). As NAND flash memory technology advances, its specification has evolved to support denser cells and larger pages and blocks. However, efforts to fully understand their impacts on design objectives such as performance, power, and cost for various applications are often neglected. Our research shows this recent trend can adversely affect the design objectives depending on the characteristics of applications. Past works mostly focused on improving the specific design objectives of NFM based systems via various architectural solutions when the specification of NFM is given. Several other works attempted to model and characterize NFM but did not access the system-level impacts of individual parameters. To the best of our knowledge, this paper is the first work that considers the specification of NFM as the design parameters of NAND flash storage devices (NFSDs) and analyzes the characteristics of various synthesized and real traces and their interaction with design parameters. Our research shows that optimizing design parameters depends heavily on the characteristics of applications. The main contribution of this research is to understand the effects of low-level specifications of NFM, e.g. cell type, page size, and block size, on system-level metrics such as performance, cost, and power consumption in various applications with different characteristics, e.g. request length, update ratios, read-and-modify ratios. Experimental results show that the optimized page and block size can achieve up to 15 times better performance than the conventional NFM configuration in various applications. The results can be used to optimize the system-level objectives of a system with specific applications, e.g. embedded systems with NFM chips, or predict the future direction of NFM.