Yes, probably not same speed specs, but it's external, which means it usually costs more for the convenience of the housing.
Edit: Unless my math is wrong, the 3GB model is a better price point...$40 for a TB as opposed to $44+/TB for the 4TB version. http://www.amazon.com/Seagate-Backup-Desktop-External-STCA30...
If you're not afraid of shucking cases, there are a number of 4TB drives you can get at that pricepoint-
http://www.newegg.com/Product/Product.aspx?Item=N82E16822178...
http://www.newegg.com/Product/Product.aspx?Item=N82E16822145...
http://www.newegg.com/Product/Product.aspx?Item=N82E16822236...
[1] http://news.cnet.com/8301-11386_3-57556147-76/startup-paid-b...
That cuts down on the power usage, cooling, and rack space that you need to pay for.
The drives seem to last about 5 years in our experience, so technically we should be able to buy the more dense drive it it pays back in 4 years, but cash to run the business is very dear to our hearts so we don't like going out much more than a year on a payback.