Personally, I would prefer 4 separate 1TB drives in a modern case as opposed to a single 4TB. In the event of a drive failure, the impact would be far less catastrophic. Today I prefer several 500GB drives as opposed to 1 or 2 TB drives. Same rationale. I have never liked putting all my eggs in one basket.
Problem is you need a lot of 3.5" bays/connectors to do that, especially if you want redundancy. I'd rather buy a bunch of 3/4TB drives and just mirror for back-up, that is what I do now and it works great (2 drives in my PC, 2 drives in external enclosure I only power on for back-ups).