As little as 6 months ago, 2nd generation SATA drives were usually more expensive than 1st gen. Now that most drives you see these days are starting to shift to 2nd gen, prices are falling. In some cases, like you've pointed out, the 2nd gen drive is even cheaper usually due to inventory issues.
Also realize that the number of platters doesn't usually have anything to do with the SATA interface. There are drive models out there for plain old IDE, for example, that have similar specs. As mentioned before, higher density is usually better, but if you were to use both the 80GB platter drive and the 125GB platter drive, I doubt you would "feel" the difference. Both drives would run fine on the SATA 150MB/s interface, and likely even on the 100MB/s (ATA/100) IDE interface.
SATA has little to do with the overall performance of a single hard drive, since most drive transfer rates average below 50MB/s. The extra features like NCQ are the ones that can make SATA drives outperform their IDE counterparts. Also, some RAID configurations will work faster on an SATA controller versus IDE.
~cdogg
"Insanity: doing the same thing over and over again and expecting different results." - Albert Einstein
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