The 500gb version is portable (usb powered) whereas the 1tb version needs to be plugged into the mains. Portable drives tend to be more expensive per gig. Both are good prices for what they do.
Actually, I don't think the 1TB's price is as good as the 500GB's, for those types, usually the 3.5'' with Double Storage will cost the same as the 2.5'' one
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