I want to set up a basic home network

I currently use a windows laptop with 500GB and an external hard drive for backup, we use almost all the available storage on photos, movies and music. We are light computer users, primarily it is for internet use, iTunes syncing, uploading digital photos and eventually basic schoolwork for the kids. We desperately need to replace our laptop and I don't want to always have to buy one with 500GB or more of storage as it is costly and probably not the best solution.
I want to switch to Apple hardware that allows me to have two things:
- The ability to store all our heavy data files in a central location that I can access wirelessly on my network from other apple devices
- A good automatic backup system
Eventually as my kids get a bit older they too will have laptops, currently we all use iPads and my wife and I have iPhones.
I spoke to the rep at the apple store yesterday and was advised that within my budget a good solution was an Macbook Air with 128GB and a 2TB Airport Time Capsule - which I duly bought. They advised that I could "split" the storage on the ATC using it to backup whats on the laptop and use it as an external hard drive for all the photos etc. I did ask if this left me exposed by now only having this data on the ATC but it was implied that this is pretty safe given the fail rate of ATC being very low.
That being said I am reading online that using the ATC as both backup and external hard drive is perhaps not a good solution. If someone in the know was to tackle my problem how would you do it? Would you do this completely differently or add another piece of hardware to what I have?
We do not want to buy a desktop as we would never use it and there is approx $500 left in the budget if I had to add another piece of hardware to make this work.
Thanks
D

So if I have the external hard drive connected to the ATC can I wirelessly access it easily any time I am in wifi range?
I think you may have missed the part where I said above......
Connect a USB hard drive to the MacBook Air and put all your photos and media on that drive.
I did not suggest that you connect the drive to the Time Capsule......since access to the media would be very very slow this way...and even more importantly...Time Machine would not be able to back up the hard drive to the Time Capsule. Time Machine can only back up the external hard drive if it is connected directly to the MacBook Air.
What about for Apple TV? Can it access the drive or for that to work do the files have to be on a mac of some sorts?
Basically, you will be moving the iTunes Media Folder that contains all of your media from the Mac to the external hard drive that is connected to the MacBook Air....and probably the iPhoto Library (or your image library) as well.
Then, you will have to "point" iTunes at the new location of the library so that it will know where to find the files.  More details on how to do that in the link below. The title talks about changing the location of the media folder on your Mac, but you would use the same into to change the location to the external hard drive.
iTunes for Mac: Moving your iTunes Media folder - Apple Support
If you move the iPhoto Library over to the external drive, you will have to "point" iPhoto at the new location of the library so that it will know where to find it in the future. To do that, you would hold down the option key on the Mac while you open iPhoto and use the Finder interface to navigate to the new location of the iPhoto Library.

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