Time Machine could be improved
I like Time Machine, and use it on my Time Capsule and also on external drives, for different machines. It's a good baseline part of a more comprehensive backup strategy. However, I know a couple ways in which it could be improved - made "smarter".
First, I've seen Time Machine on an older machines (i.e., an iMac G5) slow the machine down a lot during backups. This makes me think that the backup process could be "niced", to reduce its impact, perhaps dynamically, based on what else is happening on the machine, at the time.
And second, every time a machine is woken up from an overnight sleep state, TM starts to back up immediately, because it's been longer than the critical time interval since the last backup. This could be prevented if the most recent backup were done "close" to the time the system was put to sleep.
Others likely could suggest other improvements...
Tom