I have used Acronis True Image 8 to clone disks - yes, it's three years old, have used it for three years. I have never installed in into Windows, I simply use the CD as a boot disk and use it there.
Your hard drives have a serial number that the BIOS and Acronis will read. Make sure you know which serial number goes with which drive. Since the two drives are quite different in size you will know which is the original drive and which is the clone drive. It's a real problem if the two drives are identical except for their serial number, which was my problem!
When you clone, the program will ask you about partitioning the clone drive, after all your source drive is only 80 GB. Maybe you will choose to expand the partition to completely fill the 500 GB drive, or maybe you will choose to make an 80 GB partition and use the remaining 420 GB to make one or more additional partitions.
When you clone write down the decision you make, because if you don't like the results, you can simply do the cloning process over and change the partitioning to what you want it to be.
Now for the other problem, let's say you have 60 GB of OS, programs, and data on the 80 GB drive. It can take over a half hour to transfer that much data from one drive to the other. While the IDE can have 100 MB/s data transfer rates and the SATA I can have 150 MB/s data transfer rates and the SATA II can have 300 MB/s data transfer rates, that is how fast the interface can transfer data. Reading data off one hard drive and writing data to the other hard drive, I have found, actually runs 30 MB/s to 45 MB/s for huge files, because the speed of the rotating platters are the limitation to the data transfer rate.
I use Acronis True Image 8 more often to make image backups, which allows me to recover from installations of stupid software or buggy software, as well as not worry about spyware or crimeware infestations. I just pull out the USB external hard disk and put the Acronis CD in the drive and reboot the computer, and select the image I want to restore and go!
I have had excellent results with the external hard drives that require their own power supply that is plugged into the AC outlet.
I have had extremely slow results with the little portable hard drives that get their power from USB ports, I've used the Maxtor Mini and a Verbatim. These two drives were very slow when Acronis was writing an image file, and very slow when Acronis was reading an image file, slow as in 10 MB/s or slower.
These same drives, when used in a Windows environment, can transfer files at 20 MB/s, so I don't know why there is such a huge difference.