I've heard bad things about the lifespan of all externals. Not to mention the fact that they are easier to handle incorrectly because they're always being moved.
For those of you that can't afford/don't want to deal with offsite backups or multiple arrays, here is what I will do.
I'm going to turn an old 500mhz Coppermine I have laying around into a NAS with FreeNAS, an SATAII controller card and 2 750 gig WD or Samsung drives. About 250 for the drives and 20 dollars for the controller card and I can have a redundant copy for ALL my data plus, it will update at regular intervals since FreeNAS includes Unison.
And to those thinking about RAID, hear this. Just about all levels of RAID were/are designed to increase uptime in the event of hardware failure. Ironically, implimenting RAID increases the chances of an unrecoverable error since having HDDs and controller cards in large numbers increases the chance of failure. Also, it provides no protection against other faulty components (like the PSU or surge protector that you should have your computer plugged into) and won't help if the controller goes kaput. In some instances, the entire array may be unrecoverable.
Also, I read an article not long ago saying that the chances of a drive failing and then getting an unrecoverable error during rebuilding a RAID 5 array can be as high as 20% for drives of the sizes available today. IMO, having a separate computer with a JBOD array filled with redundant and up to date copies is a cheap and good way to back up your data. The chances of two systems in different parts of your house going down at the same time are pretty low unless a large catastrophy occurs. And in that event, you have much larger problems than lost music.