I'm using a 128GB (not MB) USB thumbdrive for bulk storage for one particular application of mine, and clearly power consumption from USB is then not a make-or-break issue.
But beware: if you care about power consumption and use a USB hub then the hub won't power down automatically since the kernel doesn't know when it can suspend media devices, which then in turn wastes significant power in the hub and through CPU wakeups.
My plug also has a 32GB SD card for large partitions such as /home, and I boot from NAND, so I apply multiple strategies to reduce write load.
http://www.earth.org.uk/note-on-SheevaPlug-setup.htmlThe previous system used a 4GB SD card for booting/root and, using similar strategies, showed no sign of write stress over the course of a year or more.
Rgds
Damon