Gigabit Ethernet is more than twice as fast than USB 2.0 so you're correct. But many (most?) cheap network drives don't do gigabit Ethernet - only 100Mbps - which is four times slower than USB 2.0.yes it is. i have this setup using a 2tb external hdd i got on black friday. i will say that the usb connection does work good but not as good as a network drive that connects to the AEBS via an ethernet cable. ethernet is much faster than usb.