Most Turbo/Super CD games filled their discs with uncompressed audio and video files. The actual executables themselves weren't all that big. With today's compression techniques, these games probably won't be much more than 100MB. But I'll admit that's still a lot of space since the Wii only has a total of 512MB internal memory of which only 384MB is available for user storage.
I think Nintendo would sooner release a system update to allow users to run games directly from an SD card and support SD HC before announcing/supporting any kind of external HDD attachment. Maybe we'll find out more around TGS later this week...
Numbers are like people. Torture them enough and you can get them to say anything you want.
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