The main benefits to a CF card over a hard drive is that it is silent.
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it depends of the hardisk....new 2.5 hardisks are very very silent and are very fast...much faster than any CF card ...about 2.7mb /s on the internal A1200 ide
Last year I installed a new 2.5 ide 80gb hardisk and you don't notice any noise unless you put your ear touching the computer
I still have the original seatgate 120mb hardisk and it works fine but it's like a turbine...unbearable