This deal has ended.
Buy.com now has the Cavalry 500gb USB 2.0 External Hard Drive for only $119.95 after a $25 mail-in rebate valid through 4/2. Plus, shipping is free and there is no sales tax (except CA, MA, MD, TN). At $0.24 per gigabyte, this is the best deal I've ever seen on external storage. Also of note: Buy.com has a new and very-rare $5 off $50 coupon valid in all stores for new customers through 4/30 and new Google Checkout users can get a $10 off discount for signing up (but you can't get both).