Iomega hit the market with the Zip drive in 1994 at just the right time.
Folks needed something with more capacity than a floppy. CDR and CDRW was not yet affordable (not available). At introduction, the drives were a fairly affordable (for the time) < $200 and the cartridges were $20. Within a few years the drives were closer to $100 and the cartridges dropped to $10 to $15 each.
In a similar time frame, the 90mm magneto optical drive was available with either 230MB or 640MB capacity.
I was particularly fond of the Fujitsu DynaMO drive. In the mid to late 90s it was about $300 new, so almost three times the cost of the ZIP drive, but the cartridges cost about the same as ZIP cartridges and held six times as much data. Additionally, they were ridiculously reliable.
If you needed very much storage capacity, the DynaMO became much more economical than the ZIP since the cost per MB is 1/6 as expensive.
If you can find one, I'd use a DynaMO 640 as the boot drive for an old Mac.
Unfortunately, the sweet spot for MO seems to have passed. For several years, they were showing up at Goodwill and on Ebay for $10 - $25 for the drives. Then some joker on Ebay started buying them all up and reselling them for hundreds of dollars. I got outbid on one several years ago at about $40, and ten minutes after the auction, the guy who outbid me was offering to sell me the drive for $400. Grrr. That was back when one could see bidder IDs.
Anyway, if one turns up at a reasonable price at a thrift shop or something (never happen on Ebay again) I'd recommend that you snatch it up.
These days, ZIP does have the advantage that it's much much easier to find cheaply.