My system drive is about 70 GB of data, and my external drive is about 385 GB of data (mostly music and images). My Time Machine drive is 750GB capacity, and I only have 15 GB free.
My oldest backup is Nov 6th, but I add a couple of gigs of music a week and I'm constantly updating my audio tags on existing files, which causes Time Machine to look at the MP3 file as "modified", so it backs it up again...