I don't store music, TV Shows, or anything like that on mine. 120 GB is fine for my apps and documents. All that media stuff is stored on an iTunes 2 TB drive. It wouldn't have mattered if I had the top of the line 17 inch laptop. That is why I switched to the Macbook Air. I don't miss the Macbook Pro.
The external Apple monitor makes my Air more useful as a desktop replacement at home with the added USB ports and larger screen.
For heavy lifting, I use the Mac Mini Server for encoding or iMovie tasks. I probably will make Server people upset, but I have no problems gaming with my Mac Mini server too. I have root and can do whatever I want.