I'm not sure there's a lot of difference between installing on a separate hard disk and installing on a separate partition. You do need to be a little bit careful in either case to get the boot loader installation correct. I always like to install the boot loader in the boot sector of the Linux partition, rather than the MBR, when Windows is involved. In any case you should be prepared for the possibility of having to do a repair of the Windows boot setup - hence the advisability of having a Windows install disk to hand.
The absolute safest way to install on two hard disks is to disconnect the Windows hard disk whilst installing and then use the BIOS facility to choose which disk to boot from (F12 at bootup on my m/b - may be different on yours). That way there is no question of either installation messing with the boot files of the other. I boot 3 OSes off two hard disks and have had up to 5 in the past, so it can be done easily enough, but I've lost count of the number of times that I've had to tweak the boot configuration to get everything working.
If you are still at the "investigate" stage of Linux I would strongly suggest that you install VirtualBox and run your Linux in a virtual machine. It's very easy then to try different distributions or configurations with the minimum of trouble. As well as Ubuntu you might like to check out Fedora and Mandriva - both very user friendly for novices. You can get Live CDs of all these distros so you can even check them out without any installation - but a Live CD is always going to be a lot slower than a real installation or a VM one.
What is the attraction of Linux? I can only speak personally but to me it's:
1. It's free (always appeals to the Scot in me).
2. There is a wealth of free software available for it, especially programming languages, databases, etc.
3. It's different (computers are all about learning as far as I am concerned).
4. It's stable and secure (but Windows is pretty good nowadays). Any security holes are very quickly plugged.
5. The source is available (I'm interested in Operating Systems, so that appeals to me). Apart from anything else that means that you can tune the kernel - the core of the OS - to your computer. That's probably not a big deal for most people.
6. There's a huge amount of community support available.
7. But in the end it all comes down to "Because it's there".
(PS There are other free OSes that you could check out - FreeBSD, Solaris Express to name but two. But Linux is the best supported alternative OS.)