Ordered a 2.4 Al MacBook yesterday, along with a 500GB External HD for use with Time Machine. Obviously I won't have the HD connected all the time, so how often is it recommended I plug it in for a new backup?
As for my iTunes Library, I have 4 copies of it. One at home, one with me (MB), one with my Parents external HD, another at my brother's HD (lol, he likes it cause he can get to watch my movies)
Any chance you are using wifi at home? Get an Airport and plug the HDD in to have TM working in the background all the time.