I own 6 of these drives which have been in service for several years and have never had a problem with them. These drives supply backup for Time Machine and they have been flawless.
It is always possible that any drive may fail. If it is in the warranty period I would not understand why the company would not honor that. There are always risks associated with using only one backup drive that is why RAID drives are coming out, real critical data should be backed up in 2 places and possibly one off site,
They are simple to install and come complete with all the wiring needed.
I have a minor wish in that I'd like to see them have - a feature that would turn them off or sleep them when the MAC was in sleep mode or offline.
I think these drives are sturdy and reliable and if the low noise is problematic look into a large cap flash drive.