I purchased my ipod classic last year and I honestly still cant believe how much media this device can hold :-)
It manages to hold my -entire- music collection comfortably (a good 90gb or so - 15,000 songs in my case), 20 full films and 15 complete tv series' - AND THERES STILL SPACE!
It can also deal with many different formats of media, and any it can't, itunes is well equipped to convert -nearly- any media file into a usable one.
The only problem I encountered was, if your store of music on your harddisk/external HDD, somehow erases/gets deleted permanently, you cannot transfer the content FROM your ipod to the pc within itunes (atleast not content you have imported to itunes manually). You have to resort to 3rd party software, which in my opinion, is a major oversight by Apple.
Negatives aside however, this is quite simply - the most amazing piece of technology i've ever owned ( :