I like the idea of an external hard drive and they sound cheap enough, my concern is how reliable they are. I mean I know CDs and DVDs go bad too, but with a hard drive I'd basically be backing up all the data I have into a single place, and if the hard drive were to fail after that, well, that'd be bad. Hard drives have always given off that vibe to me, though, of being kind of delicate and not very robust. Maybe I'm off about that.
They certainly seem inexpensive enough, though.