My problem solved
I got my new iMac on Friday with OS Lion (love it
). Plugged in my brand new 2tb "G-Drive" external hdd and started Time Machine (about 200 gb's of files on top of OS). Like lots of users here, I too had problems. It took about 8 hours to complete an initial back up (using firewire 800). I also noticed that the G-Drive was extremely noisy while writing to the drive (as if it was having a hard time writing / stuttering). After the initial back up, the hourly backups were so slow, that it wouldn't finish before the next hourly scheduled back up was due.
I called Apple Support. They told me to "erase/re-format" the G-Drive using my Mac with OS Lion. Although the G-Drive was "pre-formatted" with Mac OS extended, I was told that Lion sometimes has problems writing to it, unless formatted with Lion.
I did as instructed (erased G-Drive and reformatted to OS Extended Journaled) and started Time Machine again. This time it worked flawlessly - the G-Drive was no longer noisy either - just fan noise and quiet while writing info. Entire initial backup took about 2 hours. Hourly backups are quick - finishes in minutes.
Hope erasing/re-formatting helps someone else too.