I'm surprised that they stopped supplying AC adapters. My iPod Photo came with one and it charges much more conveniently on AC than when plugged into the computer.
USB power is +5vdc +/- a bit (I think it's +/- 2.5vdc). But iPods also require smooth, clean power; there's not a lot of room in them for filters and regulators. I would be wary of such a device as your external hard drive case myself; hard drives use +5 for spinning the motor, among other things, so they typically include quite a bit of power filtering, so what your adapter provides may not be very clean.