Its a external drive so I won't put osx on it and probably not iLife.An 'empty' 500GB drive will hold 465GB (based on 10^3/2^8 discrepancies). It is suggested that you keep at least 10-15GB free on your start-up disk for optimal swap performance. Additionally, subtract 40GB for OS + iLife + FCE. This leaves you with about 410GB of useable space. DV is about 12GB/hr, so that gives you about 34 hours of storage space.
If you can live with 34 hours to store all of your active projects, then the 500GB drive will be enough for you.
Keep in mind that your music/photos/games/etc. will be eating into that space as well.
I guess what I'm asking is: When you're done editing a project will you back it all up and take it offline, or do you want everything you have ever shot to remain online? I can not emphasize enough how much better it is to back up and take things offline. Then a 500GB drive will be fine for home use.I put it online. But most of the time I keep the original files.
I couldn't get that drive because I live in the UK.I don't know what your budget is, but Coscto has/had a 1TB external hard drive for $350 CND. For 350 (Canadian), that's a fantastic deal, it was a "My Book" hard drive.
In anycase, 500GBs should be fine. But in 4 or 5 years, 500 will be the norm.