Time Capsule needed an upgrade. Apple has announced new versions of Time capsules that are capable of storing larger amounts of data. The new 3TB model of Time Capsule is priced at $499, while the price of the 2TB version has been reduced to $299 ($200 price drop).
Apple’s Time Capsules are wireless backup systems for your Mac. The device also acts a 802.11n WiFi You can learn more about it at Apple’s page.