Moving all file and settings to new mbp?

my 3 years old mbp is beginning to show its age, so I decided to purchase a new Macbook pro 15inch i7.

The problem i'm facing now is how to move all my files, applicant, and settings to the yet to be my mbp.

Currently, I have an 500g hard drive on my 2007 mbp, and will be buying a seagate momentus xt 500g for the new mbp.

When I upgraded the hard drive for my old mbp, I used super duper, which worked flawless. But would it also work flawless if I were to backup my current hard drive on to the seagate momentus xt 500g and put back in to the new mbp?
And would that affect anything?

Also, would time machine be a better option?

 

Thanks that was helpful