Yep, would say that is a good drive, and a quad interface so you're ready for any future expansion. I am a fan of WD drives, although I usually buy their enterprise edition drives. You'll know them by their 5 yr warranty. That's the only thing I don't really like about the WD MyBook editions is the 1 yr warranty. A lot of folks are using them with their Mac's.
Don't know where you're located, but if you're in the US (and I think they may ship to Canada also), is
this one from OWC right at your price point. 400GB, with USB and FW400 which is all you've got with your MacBook. Has a 2 yr warranty on the case and 5 yrs on the hard drive.
I am using one of those cases with the quad interface. I bought the case and then put a Seagate 750GB drive in it. Their chipset in the case is up to date and is a fanless design.
Here is a link to my post running some timed tests with it. Once in that post, you can click the link at the top right hand corner for the entire thread for an overview of multiple external drives and how I arrived with this one.