I like Time Machine, because it picks up where it left off. You just have to plug the drive in, and it will do its thing. With Mavericks, it will remind you via Notification Center after a certain numbers of days, if you forget.
I also like how it does versioning. I've never had to recover data because of a drive failing, but I've frequently had to recover data because I can't find an old file that I'm looking for, which meant I deleted it sometime in the past. With most backup software, your last backup only contains the files that were on the computer when it ran. So if you find out today that you may have accidentally deleted a file a month ago, you're out of luck (unless you have backup software that does versioning like Time Machine).
Time Machine will let you backup to different drives. I'm always backing up to a drive in a Time Capsule, and then I have a USB 3 portable that I keep at work. When my home computer reminds me that it'd been a month since it's backed up to that portable drive, I bring it home, plug it in, let Time Machine do its thing, and then take it back to work. That way if my house burns down, or someone steals everything inside, I've only lost a months worth of data (max). Time Machine lets you easily encrypt the backups, so if someone steals my backup drive from my desk at work, they won't be able read any of the data.