One important point when it comes to discussing disposal of hard disks is the ever-present issue of risk. If you are a poor student and getting $50 for a used hard drive is big deal then destructive disposal seems a poor choice. If you're a multinational company then hit your old disks with a hammer. A big hammer.
The student's solution would be to use something like Darik's Boot and Nuke.
http://www.dban.org/Regardless of who is disposing of their old computers it's worth erasing the disks, even if the machine is going to be scrapped. I've seen plenty of scavengers trying to take dumped kit from refuse dumps and recycling centres.
Jimbob