Today Seagate announced their new Barracuda 1.5TB hard drive due out in August. Yes, that's 1,500 GB of data on one hard drive spinning around at 7,200 RPM. As part of the marketing spiel Seagate pronounced that the jump from 1TB to 1.5TB is the "largest capacity hard drive jump in the more than half-century history of hard drives.". Of course they can pretty much say that each time a new drive comes out.
You can be assured these things will be far from cheap but maybe now the price of those tiny 1TB drives might drop.
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