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Is editing in FCP using a USB external hard drive ok to do? Is USB 2.0 fast enough I guess is my question?

I am in need of a 'portable' firewire 800 harddrive. I have looked all over (newegg,tigerdirect,circuitcity,bestbuy,compusa) and can't find one. I guess I'm thinking of something else but I just want a relyiable firewire800 drive that I can take with me. The last time I had an external drive...