I have a similar setup. I have my entire system on the 40GB drive, including the /home and /usr because I really don't care what happens to it. The only thing I use the 120GB drive for is recording tv and storing files. It's just one big partition. Works well for me. Also, I had another 120 and I set up LVM, but I still haven't maxed out the first 120, so now I just mirror it. But something here're a few things to consider.
Is the 160 a 7200 rpm or a 5400 rpm?
A 7200 rpm with 2MB cache will perform roughly the same as a 5400 with 8MB cache when doing a linear read. The drive with higher rpms will perform better when doing a random (or fragmented) reads. If you're just doing recording and playback, that's a lot of linear reading and writing, so you're not going to have to worry much about these slight performance details.
What else do you use the system for?
A database server is rough on a filesystem. So is ripping and reencoding media.
Here's what I'd do:
Use the 40GB for the system. Make a large swap partition since you have plenty of excess space. Make sure you keep /var and /usr on that drive, because they tend to have a lot of activity, like writing logs and other small files that can hinder performance on some filesystems. Also use the 40GB for ripping dvds and doing other messy operations that involve writing, moving, resizing, and deleting multi-gb files. Once the work is done, move it over to the 160 and archive it there.
I'm not all that familiar with Freevo, but it probably has a live tv buffer, so it might be a good idea to keep that on the 40 also. And recordings that you'll be saving for a while can live on the 160.
That's my $.02
-Joe
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