I am thinking about purchasing a Seagate Backup Plus 5 GB. I have an imac and two Macbook Airs. I would like to connect the drive to my imac and have the macbooks backup wirelessly to this drive. Is that possible? Thanks.
Yes... but you will need to install OS X Server edition ($19.99) on the iMac. Then it can be used to host drives for Time Machine backups over the network.