Bingo.
However, and you may not want to do this but, my advice is to use a backup service and get it in the cloud (Carbonite, Mozy, etc). They're cheap, a lot less of a hassle and less prone to damage.
I'd agree with this: I backup using time machine for quick access and then also backup using CrashPlan (which took ages for the first backup but is much quicker now!)
I'm actually pretty paranoid about backing up data so I have a fairly extreme setup:
On top of that time machine and Crashplan, all my important documents, photos, etc are in my Dropbox (I use symlinks to store my Documents folder, Pictures folder, etc in Dropbox) and are synced to a server in a data centre (it's a mini-server from Memset that costs me around £40 a month) and that server is also backed up using crash plan
The only thing that's not backed up to the cloud are my movies and TV shows because there's over 800GB of them and being in the UK, I can't seed a backup to Crashplan (they only do that for US addresses). I therefore have a copy of my library on an old machine in another room using home sharing and then back that up using Crashplan to a disk on my Airport Extreme base station
This means for photos, documents, music, etc I have 5 copies: 1 local, 1 time machine, 1 crashplan cloud, 1 dropbox cloud and 1 datacentre server and for my tv shows and movies I have 4 copies: 1 local, 1 time machine, 1 other computer, 1 airport extreme disk
Unfortunately, I don't have off-site backups for my movies and TV shows (I'm still working on a solution for that!) but I do take my time machine backup disk with me if I'm away for any length of time and the disks are all in separate parts of the house
This is probably over-kill for a lot of people and is quite an expensive setup but it does give me peace of mind that my essential documents and photographs are well protected