I'm running gutsy since Tribe2
If you install it, and run the upgrades on a regular basis, when gutsy is out, you'll be up-to-date. Now be aware that they are quite a few bugs (for ex, my main ethernet card is not recognized on boot, I have to bring the card up manually), and I'm running feisty on my main machine.
It's really up to you, but be prepared for bugs if you choose to install gutsy.
For partitioning, I usually leave /boot and /usr in /, with a separate /home and /swap. Once a gain, it's up to you. My / is 10Go on the gutsy laptop and 6Go on the feisty one (both lower specs hardware, 40Go and 10Go HD respectively). 40Go for the system is way more than needed
I'd leave /home on your main drive (say 10Go for /, 1Go max for /swap and the rest for /home) and use the 500Go for storage (music, films and work files for ex).
I read they were problems with certain drives (SATA IIRC, but not sure). Please search the forums with your drive specs, they are fixes and workarounds.
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