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I could go a lot cheaper and buy 2 or 3 7200 rpm HDDs and diasy-chain them via the single firewire port? But I've heard that daisy-chaining reduces the speed even further. This would still be faster than my current setup though I'm guessing (1 500rpm HDD firewire 400 for previews, cacheing and exporting; 1 500rpm HDD USB 2 for raw video files; software ran from internal iMac local drive). ..
No not "'daisy chain" That would be slower. What you want is a hardware RAID. That means several faster hard drives inside the same enclosure. The RAID hardware will spread the load over the multiple drives and you get a faster over all rate. But this kind of RAID (called "striped" or some times RAID-0) is a bit risky in that if one drive fails you loos all the data. So, you'd need a second RAID to run Time Machine.
Plan an upgrade path and the total cost is less. You likely will need a bunch of bare hard dries to hold backup and archive data and for an off site backup. You will need enough of them to rotate around so that always there is at least one copy off site so these so you can use the drives in the RAID box then figure in three years you out grow it and you use those drives for backup rotation or Time Machine (User RAID-5 for TM)