External hard drives under 1 terabyte didn't jump nearly as much as other stuff, but yes. I was appalled to see a 1.5TB hard drive that was $70 off Newegg in August going for ~$130+ now.
SSD's are great for mobile PC's and for desktop boot drives but not as storage. However, if you're thinking of doing a new build, and are already factoring a BD-R drive into it, you can probably hold off on getting a large internal storage drive until the market returns to normal. My desktop PC has an 120GB SSD which is more than enough for Win7 x64 Ult, Office 2010, a couple MMORPG's, and plenty of scratch disk for temporary high-bandwidth files like FRAPS recording or ripping Bluray or re-encoding MKV.
I can't feasibly use this for music or video storage obviously, and my internal hard disk is only 500GB. I manage this disk by burning my less important storage to Bluray discs (like video collections of stuff that I've finished watching, and music, since I've been using Spotify for a while now).
edit:
Also, if you had been planning on a mechanical RAID array as opposed to SSD, I'd say from experience that a decent size SSD and a lower end mechanical disk for storage and lower priority software installations is probably better in the long run. And if you go for a 5400/5900 RPM green drive when the prices go back down, they have lower power consumption versus 7200 RPM drives also.
