The biggest difference that I can see is that this is more like a colo, where you own (or rent) your own equipment (in this case hard drives) to be stored in th

The biggest difference that I can see is that this is more like a colo, where you own (or rent) your own equipment (in this case hard drives) to be stored in their facility, where you'll get a (rather generous IMO) VPS that can access your data.