If you prefer to manage it yourself - the 256GB SSD with external storage is the best option.
This horse ain't dead yet! I haven't used an actual Fusion drive yet, but I used to work on low-level drives/drivers for NAS, and have read most of the literature on Fusion drives, so unless they really botched the actual implementation, a Fused drive should be vastly superior to managing the files yourself.
When you manage your files yourself, you are limited to per file granularity. In practice, it's probably much less granular than that, since most people are going to put all of their songs on one drive, and not bother splitting 'frequently used media' onto the SSD and 'crap I'm saving for a rainy day' on the HDD. And applications will be all or nothing.
A Fusion implementation works on a block level, so your Photoshop app can have all the blocks that are commonly loaded on the SSD, and the infrequently used Help files, Russian (and 130 other language) translations etc on the HDD. I haven't sat down and done an analysis of the usage density of bits in a typical Mac application, but I'm guessing it's closer to 50% than 100% for typical users with typical apps (please correct me if anyone has actual data). If that 50% is true, it means the 128GB SSD in a Fusion drive is as useful (assuming smart caching choices) as a 256GB SSD drive standalone, which will have 50% of it's blocks loaded up with crap which never gets loaded.
Now, the Fusion drivers are subject to adverse selection, like the aforementioned once per month data base query, but in general, it seems like a Fused SSD and HDD is a much better use of resources than someone trying to hand manage the two separately.
So, my advice would be counter to that quoted above. If all your working data fits in an SSD that you can afford (not counting backups, which everyone should have on a totally separate device of course), then go ahead and buy an SSD. If you need more room, I'd say a Fusion drive sounds vastly superior to trying to hand-manage division of storage across an SSD and HDD. In fact, if I had a 512GB SSD and a separate HDD that was not used for backup only, I'd be inclined to cobble them together in a Fused drive.
Now all this is subject to my giant caveat of not having used a Fusion drive yet, but I'm totally unconvinced by anyone else's anecdotal evidence either ("it feel's faster" doesn't cut it in engineering circles or technical discussions IMO). If anyone has any actual data on Fusion 'cache miss' rates or perverse implementation situations, I'd love to hear them. So far, the reviews from competent sources like Anandtech all seem fairly positive.
For me, considering what to get in my Retina iMac I intend to buy later this year, it comes down to worries about whether I'll hear the internal HDD (most people seem to indicate not an issue) and a second point of failure inside a hard to open case. That versus the speed and convenience of a Fused drive over a 256GB internal SSD and fast external HDD.