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Yep, it's that easy. Just be aware that I don't think you'll be able to create a boot drive from it. Also, while USB 2.0 is fairly fast for file backup, it doesn't have the sustained transfer rate that firewire has. But for general purpose backup, it's okay.
 
yea I use a firewire 400 connection for my time machine external - this will be once every few months when I'm home, just to update an at-home backup, so I dont mind the USB 2.0

thanks!
 
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