If you were to buy a 2(two) TB drive, then there would even be a 3rd option, WD Elements portable…
http://www.wdc.com/en/products/external/desktop/
But tha aside, below the comparison between Elements and MyBook. Indeed what ArMak indicated, clearly the difference is mainly the bundled software
http://www.wdc.com/en/products/external/desktop/
price difference is very moderate though. 
then again, if you don’t use the software, I would stick to the Elements.
=
