SirRiff:
Gidge's comment makes sense. If you don't plan to use much of the hard drive, then having a huge one would waste space. I personally wouldn't go with that, because my current projects take up roughly 10GB, and I'm not worried about the one or two extra simultaneous tracks I might gain from using the first 10% of the drive rather than the first 25%. You know?
It depends. Basically, we're both right.

I'm a fan of IBM drives myself, but Maxtor also has a great reputation. Lately, Seagate and Western Digital seem to be the manufacturers who are taking a beating.
Let me see if I can do a better job of explaining myself. Seek time, cache, and interface are examples of stats that hard drive manufacturers love to mention, because they look good. But the fact is, they have very little effect on a hard drive's performance.
By the way, anybody who wants to get REALLY in depth with hard drive technology, read the hard drive guide at
http://www.storagereview.com. It's several hundred pages, but you'll be a hard drive expert when you're through with it.
Cache memory on a hard drive rarely comes into play. Most hard drives have 2MB of cache. If you have a 40GB hard drive, that is equal to .000005% of your total space. Given that, how often do you think that cache memory is hit?
Pretty rarely.
Access time, also not very important. Especially when you're dealing with audio. In that case, it means nothing because all you need to care about is sustained transfer rates.
The interface (such as ATA66 or ATA100) is also not terribly important, but there are some cases where it comes into play.
I'll give you some examples...
For argument's sake, let's just assume that the new Western Digital 120GB 7200RPM drive with 8MB cache is the fastest IDE hard drive in the world.
...Ah, okay. And looking over the benchmarks, it apparently is. At the very beginning of the media, it delivers a peak performance of "only" 49.3 MB/second (read, not write). This doesn't even approach the bandwidth offered by ATA66, let alone ATA100.
Now IF you happen to get a cache hit, then it will transfer at the full speed of the interface. So you'll get all eight of those megabytes to your CPU almost instantly. ;-)
It can write a maximum of 24.2 MB/sec.
So why even bother with ATA100? Well, if you have two of those puppies on the same IDE controller, that's when the extra bandwidth really comes in handy.
Consider RAID. IDE RAID controllers use standard ATA100 interfaces. Two Seagate ST320430A drives in a RAID 0 configuration (using a Promise controller card) deliver a maximum read performance of a whopping 71.3 MB/sec.
But in determining the speed of the drive itself, the interface means absolutely nothing. So it's an important thing to understand.
What DOES determine the speed of a drive? Two areas determine the speed, more than anything else: Rotation speed and areal density.
Everybody knows what rotation speed means, so I'll just skip that.
Areal density. (I'm not about to talk down to you, just read on... I'm not trying to insult your intelligence.) Why do you suppose that 4-5 years ago we were all thinking our new 5GB hard drives were awesome, but nowadays high capacity hard drives are 120GB or more - yet, they haven't grown in size at all? The platters are the same size as before, but new technology, such as using different coatings for the platters, has allowed manufacturers to stuff more and more data into ever shrinking spaces. I didn't explain this concept well enough when I simply stated that bigger hard drives are faster - bigger hard drives are faster IF THEY USE THE SAME NUMBER OF PLATTERS. That's where the "all things being equal" remark comes in. Why is this? Consider a 20GB hard drive that spins at 7200RPM, and has two platters. We'll just say that only one side of each platter is used. Therefore there are two platters with 10GB of data storage on each. Now, imagine that there's another drive - 40GB, 7200RPM, two platters. That's 20GB per platter.
Therefore, in the same amount of time, twice as much data will pass under the head of the 40GB drive, than will pass under the head of the 20GB drive. Does this translate to a drive that's twice as fast? Unfortunately, no. Things such as error correction come into play, cutting the speed of the drive down. But, the 40GB drive WILL be faster.
So, yes. All other things being equal, a bigger drive will be faster than a smaller one.
Did I do an okay job of explaining that?