If it seems stuck on "Preparing Backup" go check the system log for a message like this:
Aug 5 14:08:25 Jasons-MacBook-Pro /System/Library/CoreServices/backupd[325]: Event store UUIDs don't match for volume: Mal
Aug 5 14:08:25 Jasons-MacBook-Pro /System/Library/CoreServices/backupd[325]: Node requires deep traversal:/ reason:kFSEDBEventFlagMustScanSubDirs|kFSEDBEventFlagReasonEventDBUntrustable|
If you see it, it means Time Machine has to get it's backup "shopping list" the hard way by checking files for updates, instead of getting a list from FSEvents like it normally does. "Preparing" will take AGES, but it will finish eventually. This is pretty normal after an OS X point release, Worse, when you just installed a point release, there is normally a LOT of stuff that changed, so the long scan of the file system is usually followed by copying a gig or two to the backup drive.
tl;dr: TM takes forever after a 10.*.* update, let it run for awhile, it's normal.