I've been using external HDD's for many years with 100 percent success. Given the tremendous coercivity that modern drives have, and the fact that airport scanners don't affect them, the only question is whether the permament lubricants in the mechanism will last 10, 20 or more years. I suspect they will, since they're not the liquid/grease variety used in automobiles.
My advice would be:
1. Get the best quality drives - Toshiba would be my first pick.
2. Get the highest capacity available.
3. Get USB only, for maximum compatibility.
4. Make sure to use the FAT32 format, or whatever is assured to be the lowest common denominator.
5. Verify your copies to the external drive, i.e. after copying, dump the computer's system cache and content-DIFF the external files with the originals.
Lastly, if you're making only one archive copy of your files, you're in trouble before you begin. You'll need each file to be on at least two separate external HDD's.
Here's my additional 2c, as devil's advocate in a couple of places, although anyone who's bored and follows 1-5 above will be in pretty good shape.
1. highest quality drives -- all the manufacturers have lemon models now and then. So I'd buy a mix of brands where possible. Hitachi and Seagate have both been good, historically; Western Digital has been good in the last few years. Don't know about Toshiba (who?). Samsung are a bit the new kid on the block, and I haven't heard anything bad but they're not selling into the market where I would hear much. Fujitsu are also a minor player.
2. highest capacity -- actually, I'd be careful on this one. The highest capacity drives sometimes contain the newest technology, which is great if it works and not so great if the teething problems haven't been sorted. I suggest comparing $/GB and thinking about the second largest capacity. (e.g. right now for notebooks there are 500GB drives, but at least one manufacturer's are a non-standard height; 320GB 2.5" drives are "safe" to buy without a lot of research.) All that said, I am taking two 500GB external drives as part of my Antarctica kit.
3. USB2 is definitely the lowest-common-denominator interface right now, so yeah. But beware stringing too many drives with USB hubs; not all hubs are as good as one might wish. The *drives* inside your USB enclosure should be SATA, and if the enclosures you choose offer eSATA for only a small additional cost, that's insurance, especially if you have access to desktop systems with unused SATA interfaces.
4. FAT32 ... dunno. Yeah, maybe. "It depends." If I were going to leave a drive for years, yes. But I wouldn't. I'd be copying the data every few years minimum, and so personally I use OS X's native file system. For me there's enough safety that I have multiple machines and I travel with people who also use Macs. Good enough.
5. When verifying your external copies, calculate a checksum. Store the checksum with the file. The checksum allows two things: firstly verification that you can still read all files on the drive correctly, and secondly as a tie-breaker if your multiple drives don't agree what the data is that they've stored. (Yes, I have had a drive fail with silent data corruption: I'd rather see black smoke. Data corruption is bad, unreported data corruption is worse. Being able to verify my files was good.) [So if I've done this for my audio data, I'd better get on to it for my photography files, right? On it ...]
Cheers,
Giles