Ive got a WD MyBook 750gig USB/FW400/eSATA external and it works flawlessly for editing HDV on the MacPro I use using the FW400 connection.
In the beginning I was looking for a 500gig FW400/FW800/eSATA external drive, but BestBuy was having a sale, so I picked up the WD 750gig. I think ive got the best of all three worlds. Having USB is nice for time machine / offloading stuff onto a PC, however I would never use it for video editing / capturing. FW400 works well enough for me. I just captured 5 hours of HDV straight through FCS2 with the WD as the scratch disk and I didn't have one single dropped frame.
Having the eSATA 1.5-3.0 Gig/sec port will also be beneficial for the future as Im sure that apple will start including an eSATA port on some newer Macs later on.
Anyways, in the end, id stray away from a USB-only external HDD. Because of the limited bandwidth and incremental data stream that changes directions every few mila-seconds, your setting yourself up to have a drive that won't be of much use to you should you ever decide to do some serious video editing. When your streaming vid off of an external drive, stick with FireWire, and make sure you get a 7200RPM drive. Those little "pocket sized" portable hard drives that are 2.5" wide are only 5400RPM with USB2.0, meaning that the drive is not spinning fast enough to play uncompressed video in real time without a "jump" or "lag" popping up every once and awhile.
In comparison, the 5400RPM drive thats in your Macbook PRO will play video fine, because its hooked up with a 3.0Gig/sec SATA connection inside. The connection is so blazing fast that it makes up for the slower spinning drive.
So, at the VERY LEAST, get a double interface (USB2/FW400) drive so you can hook up to either the PC or your Mac. If you can afford it, get a triple or quad interface so that you have something that will be supported in the future if you decide to up the ante on video editing.
Have fun!