I'm about to buy a Mac Pro and I'm wondering...
Can Time Machine back up data from multiple working drives to a single, massive Time Machine drive, or does it require an equal number of partitions or drives dedicated to Time Machine?
And / or, can you get tricky with Time machine and have it back up different drives to different Time Machine drives or volumes according to a custom config of the user's choosing?
Time machine isn't bad, but it's still a gimmick compared to manually backing up material or professional backup software or services (which can be very costly by comparison for some users).
As a computer tech for individuals all the way up to large companies over the years, businesses that have to absolutely rely on their backups won't trust it to user level software like time machine. While it may be good, time machine does goof from time to time, not unlike a lot of stuff in MS Windows.
I think where Apple dropped the ball past Tiger was when they tried to get too fancy with time machine. I have people do backups manually, or to a schedule back onto exterior hard drives (USB or firewire) and it's the only safe way to cheaply back up data. When it fills up, buy more hard drives or dump info from past you know is useless.
Whatever you do, if it's very important information like financials if you run a small business, don't trust a cute little Apple like time machine if you are running a business or are doing an important research project. If it's for fun stuff not as important or time sensitive, time machine is OK. If you have questions, PM me.
Another great resource (five or ten dollars a month) is having online backup without too many bells and whistles.
Also Google all the problems that can, and have, occurred with time machine. Doing too much too often with time machine is akin to having somebody try and make a full length Hollywood movie on iMovie and use a five year old iMac.
Anyway, this link below about time machine is kind of funny but something all us professional techs run into with time machine, but also with other choice things like (old USB hubs, Windows ME and Vista, Windows "security" deemed useful by Microsoft, numerous Dell products, etc.

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http://adam.merrifield.ca/2007/11/30/time-machine-a-giant-leap-backward/