I would like it ready to access on the fly. I have not been sucessful storing the entire large iphoto folder on icloud and accessing it when I open the app. The external hard drive requires a hook-up or wireless connection but I would have to be in proximity., and backups on another drive for security.
I would love to use icloud, if it could be configured to hold the entire library as it is backed up by Apple's data centers. I'd like to click on the application and see and have full access to all my photos.
So far, I haven't been able to do that in an affordable way. The library is over 60g. which would be over $100year on icloud just to store photos! Yikes!