I use a 7200 RPM HDD from WD (separately powered) with no issues, minus that it's slightly more noisy than SSD. If you need quiet operation, stick to SSD. However, I need a minimum of 4TB for my TM backup and I'd rather use SSD for my audio recording since I could care less how long it takes to backup (plus it's really expensive).
I also just picked up a 5TB WD easystore on a black friday sale. It's a portable HDD & bus powered. Slower than my other one, but actually very quiet for HDD. Too soon to tell if I would recommend it, but so far so good.
While I might be too paranoid, I actually feel more comfortable with my backups on a HDD rather than SSD because there is a greater potential (however small) for data recovery from a mechanical drive--and you don't have to worry about giving it some power at least once year to keep the data fresh. I have an old 2TB buffalo station from 2008 that still works fine and has all my old backups. Slow and noisy as heck, but the data is still there if I need it.