All of you suggesting that osx is really secure and viruses will never be an issue, you have your heads in the sand. Vulnerabilities are regularly discovered (I found one myself even) - what do you think all the security updates and quicktime updates every few weeks are for? And apple doesn't have the best of reputations for acknowledging and fixing the holes fast.
It's hard to really know how secure osx is unless you're really digging for holes regularly and comparing it with other OSes. I'd guess that it's fairly good though - that and the small user base are the reason there's no real threat so far I think. But there is now a 'serious' trojan out there, so clearly the virus writers are starting to pay interest. Things could get a lot worse for the mac in the next year or two.
So realistically, if somebody finds a vulnerability (it would have to be remotely exploitable - i.e. an infected machine connects via ichat, or an email, or to an open port) and writes a nasty bit of code that erases files, yes, time machine backups are going to disappear fast. Apple leaving the firewall disabled by default isn't going to help at all.
However, I think it's really unlikely. A virus, yes, I think that's possible. Erasing the time machine backup? Probably not - there's no profit in it. The trojan we've seen is aimed at stealing bank account details and ebay accounts, it's not just there to cause hassle. What COULD happen though, is that the virus encrypts your backup then erases your original files - then asks you for money in return for a key to unlock your stuff. This has been happening on PCs for a while now.
If you have anything you really can't live without, make a backup to dvd or whatever regularly as well as using time machine, and disconnect your time machine drive when you're not using it. And use a secure password, and turn that firewall on.