There's a lot to like about the new WD MyBook Studio. It's shiny, in the same aluminium design of the iMac and MacBook Pro; it's pretty cheap considering the amount of storage, and it has an e-ink display that'll show you information about the drive, even when you unplug the drive.
The MyBook Studio comes pre-formatted for Macs, with out of the box support for Time Machine (although most Mac-friendly hard drives do that too). But the biggest point of interest is the e-ink screen, which shows drive capacity, storage capacity, and can be customised to display relevant information about the drive, like "I love Gizmodo" (which is what I'd put on there if I owned one).
There's also WD's standard Smartware software on board, WD's GreenPower tech for lower power consumption and 256-bit hardware based encryption. It also comes with a three-year warranty and FireWire 800 connectivity.
There are thee capacities available: 1TB for $229, 1.5TB for $299 or 2TB for $399. It's been a while since I looked at storage prices, but that seems pretty damned decent to me.