It appears that the optibay is just a custom mount for a hard drive that installs in the optical bay of the macbook along with an adapter cable.
from mce..
"Besides just appearing different, laptop optical drives and hard drives have very different data connectors as well, so an adapter was developed allowing the hard drive to communicate with your MacBook Pro, MacBook, or PowerBook G4 through the optical drive connector on the motherboard. Since they already speak the same language, ATA, not one bit of speed or performance is lost in adapting the drive's connector."
Anyone know where to find such an adapter or how to wire one yourself? I think I could manage making my own mount, so it would be sweet if I could just find a cheap adapter and do this myself.