Time Capsule vs. WD MyBook Live 2TB External Home Network Drive

I ready to get my 1st iMAC - very excited.  Still confused on Time Capsule if worth the difference in money - or a no brainer and a must have?  My summary from reading is on paper the advantage are: Some advantages of the TC are:
(1) It also includes a very good WIFI router.
(2) It was specifically designed by Apple as a destination for TM backups.
(3) If you buy one within two years of also buying a Mac, and get AppleCare for the Mac, the TC is covered by AppleCare. Otherwise it has a one-year warranty.
WD Network 2TB goes for $150.  I figure a router is ~$50-$80 bucks so is Time Capsule worth the $80-$100 more. 
Looking to get feedback if it is must have or toss up based on specific need.  BTW, router for me is bonus, but I have a router already.  My guess is given it is designed by Apple and wireless, everything plays nice and easily detects it, etc...
Any feedback or insight is appreciated?

Hi there
If you are thinking of mainly backing up with an iMac then you really don't need a "wireless backup device". A simple USB-drive that will take care of your Time Machine should do. TC, when connected to your Modem-router, can create a wireless Network with storage for you, and also has a USB interface that can connect to your printer. In your case, I am assuming that you do NOT need a wireless backup, you do NOT need a wireless network, as you may have a wireless router. Even if you don't, you will connect your iMac directly (wired) to your router anyway. Unless you NEED a wireless network, you really do not need time capsule or even WD Network storage. For the simple Time Machine backup, hook a normal USB drive to your iMac, which wil be connected to your wired router and off you go. This setup will only cost you max $100 for your USB drive, depending on its size.
Hope that helps.
H

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