First you should figure out if your laptop has SATA II (3 Gb/s) or SATA III (6 Gb/s), or something else entirely. That will probably help you in your decision.
If you want a solid state drive, 120GB ones usually go for $200-300. If that's your price range, there a ton of threads here on SSDs so you can get plenty of info.
If you think you need more storage, than a 7200 rpm hard drive is probably your best bet. Hard drive prices have been on the rise recently with the flooding issue, but they're still much cheaper than an SSD and you'll get a lot more storage. Western digital has a very good reputation, so they would be a good choice.
As for hybrid drives, Seagate does make a 2.5" hybrid drive for laptops. I believe its called the Momentous XT. They're a good compromise if you want speed but need a lot of storage, but they tend to be unreliable and they wear out quickly. Personally, I would not recommend them. Nevertheless, here's Engadget's review on the Momentous XT.