What I'm using
Got the LaCie rugged USB 3.0 Thunderbolt 1TB and its been sufficient for my 2012 128GB MBA so far. It's partitioned like this:
Bootcamp: 100GB
External NTFS: 650GB
HFS+: 250GB
I haven't tried it yet but I know one can bootcamp from a Thunderbolt interface and intend on seeing how that works soon. "External NTFS" is formatted by Paragon and has all my Steam games data. "HFS+" has a couple Parallels VM's stored and conveniently does my Time Machine backups.
First looked to building my own because an enclosure plus stock drive is far cheaper, but then the support and features of this drive such as Thunderbolt, "rugged" feature which they say prevents serious damage from smaller falls occurring and generally the aesthetically pleasing look of it encouraged me to buy this over other options. It isn't cheap though so what drove me to select this may not be the same reasons you may choose another capacity/feature-set.
EDIT: I have a home file server too but because I bought a portable laptop, I don't expect to always have access to the home server when roaming. My LaCie is undergoing warranty work because of a bad USB 3.0 connector. Having a REALLY good manufacturers warranty that ends in 2015 included with the premium price of this drive (nothing extra) was also nice.
Got all my data saved to the home server until it comes back.