I just ordered this Western Digital 1 terabyte external hard drive from buy.com.  300 bucks to my doorstep within three to five days.  This one is a single drive unlike most of the other terabyte drives which are dual drives making them bigger and heavier and less fun to travel with and look less sexy on your desktop.  Here is what I plan to do with all that extra space:
make incremental backups of my notebook hard drive (the fastest way to get rid of a virus is to roll back your entire hard drive).
Offload heaps of movies, MP3s, photos, etc.