Pros and Cons selecting Ext to file Catalog

I am in a quandry. I bought LR 1. and never had the chance to put anytime to learn how to use it.
I am starting a new, so just got LR 2.2, and would like to do it the most practical and best way. I use an iMac 10.5, with 350 GB int HD, and have 3 Ext HD's ranging from 350 - 1 TB.
I only use my int HD just to run apps, everything else I placed them on my Ext HD.
So my questions is "What are the Pros and Cons placing LR Catalog in an Ext HD?

>So my questions is "What are the Pros and Cons placing LR Catalog in an Ext HD?
Since this is a fixed station there are none really except perhaps speed depending on how you connect to it. USB 2 is the slowest solution, followed by firewire 400 then firewire 800 and fastest is eSATA, but I doubt your iMac supports that.

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