The budget conscious will probably want to save their coins and get a cheaper USB 3.0-compatible external hard drive.
It may not be the cheapest USB 3.0 hard drive you can get, but there's a lot to like about the My Passport X. Given the extra 2 terabytes will let you store as many as 50 extra games to your console before you need to think about deleting them to free up storage space, that performance dip is hardly a deal-breaker. Booting up that same game from the hard drive was also ever so slightly slower, taking 30 seconds compared to the internal hard drive's 29 seconds.