Depending on how much you want to tinker and how computer-savvy you are, you might want to try to make a FreeNAS box. For a TM backup alone, it might be overkill, but if your data is especially important, the ZFS file system might be of interest to you. Basically, the RAID arrays you can create allow for 1 or 2 drives to fail at the same time and still enable you to recover your data. FreeNAS also tests your drives and tells you when it thinks one is failing.
The problem is that it requires a LOT of RAM (8gb minimum).