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Buffalo Ministation HD-PC500 500GB USB 2.0 Slimline Portable External Hard Drive - Black
I bought this external drive about a year ago. It has been fantastic for me. Data writes to it pretty fast (about 30MB/s generally) and I haven't had any performance issues so far. It has a gorgeous blinking blue light on the front which makes it look very professional alongside the sleek black cover.
The drive is very lightweight. It comes with a very short cable which may not be to everyone's tastes, but seeing as I generally use the drive in my PS3 it's just right for me as it means I can sit it in my TV stand. If needs be you can connect a longer cable for when using with laptop or desktop (such as a PS3 controller cable).
I thoroughly recommend this product.