I back up locally via Time Machine to an external HDD attached to my Airport Extreme Base Station. I also back up to Carboinite. The satisfies my off-site requirement. Only backing up locally is not a reliable backup option.
Pro to this setup:
1. Dead easy to restore from both solutions.
2. Never have to connect any wires to backup data.
3. My most recent backups are generally only a few minutes or hours old.
4. From both solutions, I can restore older versions of files or files that were deleted recently.
5. The Carbonite mobile app allows me to access my backups from iphone/ipad.
6. Very cheap - $59/year for Carbonite unlimted storage.
7. Carbonite still backs things up when I am on the road.
Cons to this setup:
1. Can only do a full system restore from Time Machine backups. Carbonite only backs up data. And since I do Time Machine with a drive attached to a router, a full restore is very slow. My wife's hard drive in her Macbook died recently and it took about 24 hours to do a full restore from the Time Machine back up when wired to the router.
2. Inital backups both to Carbonite and to the external drive attached to Airport Extreme take a long time.
3. Carbonite does not backup video files by default. I have to manually select video files not in the iPhoto library and make sure they are included in the back up.
Overall, I am pretty happy with this solution and the few times I needed to use my backups, I was able to recover with minimal or no loss of data. That being said, I am always looking out for other solutions. To me, the big reason that I like this setup is no wires. I never have to remember to plug an external drive in to do the scheduled back up. But if you have a desktop or always have an external plugged in, that isn't as much of an issue.