Difference between TC 500 GB with added HDD and TC 1 TB?

Hi there.
I'm a student and need a HDD to take backups of my 250 GB HD in a Macbook. I would like it to run wirelessly as I don't think I'll remember to plug the HDD in, turn it on and let it take a backup as often as I would really like to have backups taken.
The Time Capsule (TC) 500 GB costs $279 while the 1 TB version costs $479 (all prices are with student discount).
I realize that even the 500 GB can be considered expensive since it's $120 more expensive than the AirPort Extreme Base Station with no HDD and "all you get" (besides Time Machine backup and that it all fits nicely together) is 500 GB.
I really think that paying $200 extra for 500 GB extra space seems like way too much so I was wondering if there's a difference between a TC 500 GB with an added HDD (i.e. a 500 GB one) and a TC 1 TB. Also, are there other things I should take notice of? (I realize this is a common question)
Some of the things I've read is that only the TC's are capable of wirelessly taking a TM backup of your Mac and that they also should have some kind of sleep-function when not in use.
Thanks in advance!

You can designate just about any HFS+ formatted FireWire or USB drive connected to a Mac as a TM backup drive. TM can also back up to another Mac running Leopard with Personal File Sharing, Leopard Server, Xsan storage devices, a Time Capsule's (TC) internal hard drive, or a hard drive attached to a TC's USB port. The jury is still out on, whether or not, it can successfully back up to an AirPort Disk (a hard drive attached to the USB port of the newer 802.11n AirPort Extreme Base Station.)

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