To correct some points that exel3d made.
Most 2.5" harddrives run with just 3W of power which most USB ports can provide. For some that doesn't, there is an extra power cable that connect to a 2nd USB port for power. The only exception would be a Macbook which doesn't really power anything even with 2 ports.
3.5" drives will indeed require a power supply to run.
For external harddrive, low RPM is not really a problem. Most USB chipset max at about 34MB/s, which a high capacity 4200rpm 2.5" Drive will easily handle. Many people would rather want a 5400rpm external drive which generates less heat.
eSATA is not really that "Plug&Play" with some rare occasion upon pulling the eSATA cable will result in a BSOD if you don't use the "Safely remove device".
P.S. 750GB for $229 is NOT a good deal. I bought a FreeAgent Pro 750GB eSATA/USB for $176 back in April
I have a Western Digital Passport 250GB which I bought for £70 last month, damn great for doing local transfer, although it transfer horribly slow when writing from network (USB+Network latency seems to be a major problem).
You may also want to consider if the drive include some sort of spin-down support. Not all enclosures / external drives can spin-down when not used.
My Akasa Integral, Seagate FreeAgent and Western Digital passport does, my Freecom (with a Samsung inside) does not.