velocity always increases the further from the rotation point you are. The rotation rate (rpm) is the same, but the velocity of a point on the edge of the disk is way way higher than at the center. Inertia is dependant on velocity, not rotation rate. That's why CDs are limited to 54x speeds, because the rotation rate (and hence, edge velocity) required to go higher than that overcomes the structural integrity of the disc due to the high inertia and the discs explode.
Platters work pretty well except for inconsistant seek/read times due to varying locations of data on the disc. The outer edge of the platter has a larger circumference than the inner section, which means you can cover more data per rotation on the edge of the disc than you can in the center. A cylinder would be very consistant with seek/read times since it is uniform but the surface per volume is much lower and the mechanical complexity is much higher to get the same storage area.
Which is why we use platters/discs. The trade off of consistant seek times for capacity per unit volume is more beneficial.