edit, 25/07/10: This is back to £37.99 having had a £5 price increase come and go afew times in the past few months. Get them while they're cheap.
Price has dropped, now £39.99 before adding 5hd code to get a further 5% off, New price is a nice low £37.99.
Drive is a 500GB Iomega 3.5" mains powered USB drive. I've bought several over the past few months for myself and friends and they perform well and have worked flawlessly. The casing stays relatively cool, never getting any hotter than luke warm.
There are great deals for 1TB drives about just now for a further £17 at Comet & Tesco which give better value in terms of GB per pound, but this is an excellent price for those who don't need that much storage or are happier to keep their costs down.
The promotion code has come and gone in the past few months so get in while its still valid.