Personally, I went out and bought two external hard drives (Firewire or USB2.0). I use simple copy commands to backup everything I want (typically just my /home directory - that gets all my personal files vs. the OS configuration) on a regular basis. I keep one of the hard drives off site and one on site, and each time I make a backup I rotate them. Hence, the most current backup is always the offsite one - this seems safest to me.
I have used this approach to backing up for years and have found it simple and repeatable. Backing up is a pain, and you won't do it unless it is easy. I like this approach because it is simple and effective. And unlike many, because it is based on copy commands, it is easy to recover individual files - many backup approaches use compressed or packed images, and that makes it impossible to recover individual files.
Just my 2 cents.