I prefer a good FireWire drive. Make sure whatever you buy is TM capatible if you plan on using TM. I have a 1TB Lacie FireWire drive which works well with both TM and SuperDuper. I have 2 partitions - one for TM and one for SD clone. You can restore from either. I keep a clone in case my main drive fails. I can boot from it and keep going until I have time to deal with the the failure.
I've already explained the differences, so it's up to you to determine your needs. If I had to choose only one, I would go with TM for the capability of restoring files or the whole system from an earlier timeframe.
No reason not to have both if you can't live without your computer in case of a crash.
I also have a Time Capsule which also works well with TM for my wife's computer.
Whatever you decide will depend on your needs. Most important, make sure the drive works well with Macs. I don't have any knowledge of the drive you mentioned.