Hitachi actually makes a 7200 RPM laptop drive. It's 60 GB and costs about $150 US, but I see you're in Australia so that doesn't make things easy. I'm sure you'll be able to get one there but it'll be more expensive. It's also not as fast as your typical 7200 RPM desktop hard drive, but it's closer to desktop performance than any other laptop drive.
Even for general use like storage, I'd still recommend a 5400 RPM hard drive. They're just barely more expensive than their 4200 RPM counterparts, and you'll be happy to have a 5400 RPM when it comes time to transfer large files over.
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