In Augsut 2011, I bought a Hitachi Z7K320 250GB drive. It's been powered on nearly 24/7 since I've bought it and it's never given me the slightest hint of any issues.
To be honest, I bought the drive more to see how a 2.5" would fair under 24/7 conditions, compared to 3.5". It's only used for storage, such as documents, so it's not getting the same hammering that a drive containing the operating system might.
I wouldn't hesitate buying another 2.5" drive for the same purpose, providing the price was reasonable.