Here's what I'm seeing in the console log, any ideas? Note, before running this session, I ran a "Repair Permissions" on the main hard drive.
May 16 14:26:51 Daves-MacBook com.apple.backupd[25743]: Starting standard backup
May 16 14:26:51 Daves-MacBook com.apple.backupd[25743]: Attempting to mount network destination using URL: afp://Dave@TimeCapsule.local/data
May 16 14:27:01 Daves-MacBook com.apple.backupd[25743]: Mounted network destination using URL: afp://Dave@TimeCapsule.local/data
May 16 14:27:06 Daves-MacBook com.apple.backupd[25743]: QUICKCHECK ONLY; FILESYSTEM CLEAN
May 16 14:29:08 Daves-MacBook fseventsd[49]: event logs in /Volumes/Time Machine Backups 5/.fseventsd out of sync with volume. destroying old logs. (582 120 1437)
May 16 14:29:09 Daves-MacBook fseventsd[49]: log dir: /Volumes/Time Machine Backups 5/.fseventsd getting new uuid: DC45B3F5-3A90-4E55-A4C7-D923BF53FF11
May 16 14:29:09 Daves-MacBook com.apple.backupd[25743]: Disk image /Volumes/data/Daves-MacBook.sparsebundle mounted at: /Volumes/Time Machine Backups 5
May 16 14:29:09 Daves-MacBook com.apple.backupd[25743]: Backing up to: /Volumes/Time Machine Backups 5/Backups.backupdb
May 16 14:30:20 Daves-MacBook com.apple.backupd[25743]: Event store UUIDs don't match for volume: Macintosh HD
May 16 14:30:20 Daves-MacBook com.apple.backupd[25743]: Waiting for index to be ready (101)
May 16 14:31:36 Daves-MacBook com.apple.backupd[25743]: Node requires deep traversal:/ reason:must scan subdirs|new event db|
May 16 14:38:08 Daves-MacBook com.apple.backupd[25743]: No pre-backup thinning needed: 40.93 GB requested (including padding), 1.33 TB available
May 16 14:46:00 Daves-MacBook com.apple.backupd[25743]: Bulk setting Spotlight attributes failed.
May 16 14:49:08 Daves-MacBook com.apple.backupd[25743]: Stopping backupd to allow ejection of backup destination disk!
May 16 14:49:08 Daves-MacBook mds[43]: (/Volumes/Time Machine Backups 5/.Spotlight-V100/Store-V1/Stores/9F7FABF5-1F59-4031-965C-B83BC26F0975)(Error) IndexGeneral in fd_pwrite

write(/Volumes/Time Machine Backups 5/.Spotlight-V100/Store-V1/Stores/9F7FABF5-1F59-4031-965C-B83BC26F0975/live.2.indexUpdates, o:0, s:89856) err:28
May 16 14:49:08 Daves-MacBook mds[43]: (/Volumes/Time Machine Backups 5/.Spotlight-V100/Store-V1/Stores/9F7FABF5-1F59-4031-965C-B83BC26F0975)(Error) IndexCI in store_stream_flush:store_stream_flush write err:28
May 16 14:49:08 Daves-MacBook mds[43]: (/Volumes/Time Machine Backups 5/.Spotlight-V100/Store-V1/Stores/9F7FABF5-1F59-4031-965C-B83BC26F0975)(Error) IndexCI in indexPrepareForSyncBulk:indexPrepareForSync error: 28, live.2.
May 16 14:49:08 Daves-MacBook mds[43]: (/Volumes/Time Machine Backups 5/.Spotlight-V100/Store-V1/Stores/9F7FABF5-1F59-4031-965C-B83BC26F0975)(Error) IndexCI in _ContentIndexSyncIndexBulk:indexPrepareForSyncBulk error:28
May 16 14:49:08 Daves-MacBook mds[43]: (Error) DiskStore: permission cache (/Volumes/Time Machine Backups 5/.Spotlight-V100/Store-V1/Stores/9F7FABF5-1F59-4031-965C-B83BC26F0975/permStore) write error: 28
May 16 14:49:08 Daves-MacBook fseventsd[49]: gzflush(/Volumes/Time Machine Backups 5/.fseventsd/00000000002ec116) returned -1
May 16 14:49:08 Daves-MacBook fseventsd[49]: disk logger: gzclose() failed (-1/28) removing all old log files in /Volumes/Time Machine Backups 5/.fseventsd
May 16 14:49:08 Daves-MacBook fseventsd[49]: failed to store the uuid in /Volumes/Time Machine Backups 5/.fseventsd/fseventsd-uuid. unlinking it.
May 16 14:49:08 Daves-MacBook KernelEventAgent[45]: tid 00000000 type 'hfs', mounted on '/Volumes/Time Machine Backups 5', from '/dev/disk4s2', low disk, very low disk
May 16 14:49:09 Daves-MacBook com.apple.backupd[25743]: Stopping backup.
May 16 14:49:09 Daves-MacBook com.apple.backupd[25743]: Error: (-34) SrcErr:NO Copying /Users/dave/Documents/Parallels/Windows XP.pvm/harddisk0.hdd/harddisk0.hdd.0.{5fbaabe3-6958-40ff-92a7-860e329aab41}.hds to /Volumes/Time Machine Backups 5/Backups.backupdb/Daves-MacBook/2011-05-10-232604.inProgress/A7102112-8AFA-4D39-BF0F-199D9EFFF01B/Macintosh HD/Users/dave/Documents/Parallels/Windows XP.pvm/harddisk0.hdd
May 16 14:49:09 Daves-MacBook com.apple.backupd[25743]: Copied 870 files (3.9 GB) from volume Macintosh HD.
May 16 14:49:09 Daves-MacBook com.apple.backupd[25743]: Copy stage failed with error:28
May 16 14:49:19 Daves-MacBook [0x0-0x81b81b].com.apple.systempreferences[25492]: Failed to send message to backup server: error = -5