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Won't work the same as the internal. Don't hold me to the specifics, but I'm pretty sure the 360s won't use external HDD's like it uses their drive.
I think it only lets you store your profile, saves and non-360 music/videos (ones you load onto it from a PC/Mac, not download off Live). Also, you can't "load" games to an external drive, but you can to the internal (still need the disc to play though).