A drawback would be in transfer speeds to an external, as you're limited to the speed of whatever connection they use. also the possibility of knocking the thing around and damaging it.& it could get stolen easily as well but the bonuses would be easily transferring data between computers......also have a look at this
http://www.tek-tips.com/viewthread.cfm?qid=1151086&page=1
with an internal Harddrive your generating alot more heat in your computer..so you would have to watch that as well..yet its faster....Id go with an internal Hard Drive..ony cuz of speed and Im a Klutz.
and what DDunk said