Most reliable option is SSD. Due to the lack of moving parts, you don't have to worry about the platter being damaged and your information is much more secure. Getting an SSD elsewhere can be pricey, but you will have better performance. The ones from dell are not terrible, per say, but they don't have quite the performance of the Intel SSD's. One the other hand, I'm sure you will still notice a large performance differance from the dell (samsung) SSD vs. the standard 7200rpm HDD. Another option is to go 640GBx2 RAID 1 which makes it so you only have the space of one HHD (640GB) and the other HHD is a mirror image of the first HHD. So if one dies, you still have a backup drive.
Most reliable=SSD, second most reliable option (cheaper) RAID 1, with what ever size HHD you need. If you want a little faster HHD I'd go 500GB 7200RPM HHD RAID 1 because it will be a little faster then 5400RPM. Since the laptop has to write the information to two drives, it wil be a little slower, but more secure.
RAID 1 with 2 SSDs would be the absolute most secure, but since SSDs are pretty safe, kinda a waste of an SSD.
RAID 0 (info split between two drives, total space=both drives) is the absolute best performance, but with and SSD do you really need more speed? lol
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