Yes. I have a 500GB Seagate Freeagent Go USB, a 1.5TB Seagate Freeagent FW800 and a homebrew Eagle Consus/1TB Samsung Spinpoint. I've also have good luck with the Maxtor Onetouch series and the WD Passports that I have previously owned.
It depends on the enclosure electronics. Some of them don't listen to the spindown command from the Mac..