Two things:
1.- TimeMachineScheduler totally messed up my backups. It wouldn't backup and when I uninstalled it TimeMachine wouldn't recognize the HD where the backup's where being performed. After more than two hours of fiddling around with settings, options and restarts, I managed to get it to work again with TimeMachine. Maybe it's just not compatible with 10.5.4.
2.- Yes, I think it would be nice to be able to backup at user setting intervals instead of the fixed one hour ones. One of my machines wakes up automatically and back's up, while the other won't wake up to back up and will backup every time I wake it up (providing it has been asleep for more than an hour). Small issue, but if you add to that the backup's fail once in a while and once failed it won't backup again till a manual intervention from my part...it's easy to see why it would be nice to set longer backup time intervals.
My 2 cents.