If it's just for backup, the cheapest route would be a build-your-own FW400 case with an inexpensive hard drive; speed really isn't that important, since it's backup, so FW800 isn't a big deal, and an 8MB cache isn't so important, either (though buying 8MB cache drives generally gets you a 3 year warranty, which might be worth it.
This is generally what I've done in the past, although buying a kit can be cheaper than buying a drive and case seperately, if you find a good deal and don't have an unused IDE hard drive laying around (which I did).
Personal recommendations: OWC (
http://macsales.com -- good support, inexpensive, Mac-centric) makes nice, cheap FW drives (try their Neptune series). Do NOT get a Maxtor drive; those, in my personal experience and backed up by anecdotal evidence, are the least reliable of the major manufacturer's drives, so I wouldn't really want to rely on one for backups. Seagate are generally the most reliable (and cheap), though I've had good luck with Samsung drives over the past four years.