I'm not going to be able to give you an opinion as to which replacement hard drive is the best. That's kinda like asking which is better ... AVG or Avast. It's all personal preference.

I've used Western Digital and Seagate at home, and at work they use Hitachi. I've experienced failures with all of them. But some of them have been working non-stop for about 3 years with zero problems.
Hard drive prices have doubled and in some cases tripled due to flooding in Thailand. My only suggestion is to look for the best price coupled with a good manufacturer's warranty. Some companies offer only a 1 year warranty while others offer a three year warranty. You could also check out the price difference between a store bought external hard drive (similar to what you have) and a build it yourself using an internal hard drive and an external enclosure.