In reply to Duncan Bourne:
Well, if we are talking about backup strategy - time machine onto something with about 2-3 x the storage capacity that you are actually using (at least). Recent versions of the Mac OS let you backup to 2 separate drives which is kind of cool - you can have one drive at home and one at work, for example.
And then a clone of your hard drive (Carbon Copy Cloner is probably the best bet at the moment) that you can use for a reasonably quick recovery if your computer and drive goes belly up or is stolen.
As exO says - doesn't really matter what you use, as long as it isn't one of those absolutely awful disaster-waiting-to-happen striped drives that advertise more speed and capacity for less money