I just posted some of this in another thread, but in answer to your question, every portable HD I've seen requires 2 USB ports (or 1 Firewire port) if it is a 2.5" HD. 1.8" HDD seem to do fine from 1 USB port. However, 1.8" HDD are not very cost effective compared to 2.5" HDD and have limited capacity; while compared to flash memory, 1.8" HDD draw more power, in part because they have to spin, but also because the rotation speed is so slow that large file transfers take a very long time. The 1.8" HD market is very limited, and there aren't numerous external enclosures etc. for users to build something easily.
I personally think HDD are too power hungry to use in portable devices unless those devices have very limited functions (like mp3 players) and/or have large capacity batteries. If you wanted to maintain a library of media files and carry it with you, maybe you could get a DAP or PMP which allows you to access it as a mass storage device. The problem with that idea is hard-drive based PMPs are kind of hard to find now that they've all gone with flash memory. But something like the old Cowon XL5 60GB or A2 would work for something like that. Because they have their own internal battery, a PMP would run just fine as external storage for a while, although it would of course drain full USB power from the Pandora in order to charge its own battery.
1.8" HDD run at 30GB, 60GB, and probably up to 100 or 120GB by now. If you go with a 2.5" HD because of the price point or the capacity, you can get a split power cable and usually power it from two USB ports, or one USB port and one USB power device (like a wall plug, a USB battery, etc.). Check the Addonics site for the split USB cable.
edit: this 240GB HD appears to be the new upper limit of 1.8" drives, and it's not even out yet.
http://www.tomshardware.com/news/toshib ... ,6348.html
This 120GB external 1.8" HD gets good reviews; there's a 160GB model that is out of stock but listed at $250.
http://www.newegg.com/Product/Product.a ... 6822161006