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Buy.com has the Cavalry Pre-formatted 1TB (2x500GB) USB 2.0 External Hard Drive for $199.99 after a $20 rebate [Exp 12/24] with free shipping.

Description
Cavalry Storage brings you a 1 TB Dual Bay External Drive Solution with USB 2.0 Plug & Play. The cooling fan with On/Off switch help dissipates the heat. The solution is available in 2 configurations, BIG and JBOD. With the BIG configuration, it has twice the capacity of a single drive by combining two 500GB drives into one. With the JBOD configuration, it sees itself as two separate 500GB drives. The solution is Vista Compatible
Final Price for this deal: $199.99 after rebate