Mb/s (or Mbps) means Megabit per second. A Megabit is one million bits. It’s the transmission speed of a data transfer.
480Mb/s means that the external hard drive can transfer data to and from your pc at 60MB/s.
Note: Mb (Lower-case b) means Megabit and MB (Capital B) means Megabyte.
RPM means revolutions per minute. 7200rpm means that the platter inside the hard drive spins 7,200 times in 60 seconds.
The higher the rpm a hard drive has, the faster it spins, and the faster it spins, the more MB/s can be read or written to the drive.
I believe one of the fastest external hard drives out now is the Western Digital My Book 3.0, but you need a USB 3.0 port on your pc to get maximum performance.