I use that exact drive for my photos/videos. It does the job- very quiet, quite small and USB is fine for that. I have an even older drive (500GB) that I use for TM and that is fine as well.
Unless you want some amazing 50TB, NAS, RAID 142 thing that drive will do nicely.
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Quick note for anyone else who happens to click that link or purchase the drive from Amazon; it appears that both the 1TB and the 1.5TB cost the same. Fyi 'cus I almost purchased the 1TB without checking the prices of the others