This deal has ended.
Buy.com has the Fantom Titanium 120gb External Hard Drive for only $39.95 after a $15 mail-in rebate valid through 5/31. This matches the all-time best deal I've seen on a 120gb external drive. Plus, shipping is free and there is no sales tax (except CA, MA, MD, TN). Also, new customers can use this $5 off $50 coupon or new Google Checkout users can sign up and get a $10 off discount (you can't get both).