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You seem to know what you're at, so i'll only advise you get an external HDD thats larger than 500GB if you can afford it. Won't last if you have lots of movies, music and backup ps3 laptops etc. Also remeber to format your drives to fat 32. Your ps3 drive should automatically format to fat32, but you may have to format the external drive yourself. Oh and make sure you have firmware update 3.41 on a usb stick. I think its something like PS3(folder)/UPDATE(folder)/3.41(or whatever the update file is called) and the installation works fine. Anyway just google it and you'll find instructions.

Enjoy the bigger hard drive. Its well worth it.