Many great suggestions. One additional thing to add… make two sets backups and store one of the sets somewhere far away… at a friend’s or a parent’s house, or at work. Having your data fully backed up won’t do you any good if your house burns down and your backups are sitting in a stack next to your PC. This is another argument against making a RAID configuration your sole method of backing up.
handy, CDRs may or may not last 100 years… I have many properly stored CDRs that went bad in under a year. Make sure you buy high-quality CDRs like kodak or mitsui gold, and test them once in a while to make sure they still work.
Tape drives are good for backing up huge amounts of data and great for incremental backups, but they have downsides… you have to use special software to gain access to your backups, and random access to your backups is slow. And for the truly paranoid, tape backups aren’t safe against EMPs; CDRs are 
I like backing up to CDR vs. tape because I get fast, random access to my backups if I have a catastrophe. Any computer can read a data CD formatted with CDFS right off the bat. If your house burns down and you need to continue working on a different computer, CDRs get you back up and running quicker.
Also, tape drives have the same problem as RAID does in the fire/theft scenario… before you can use your backups, you have to buy a new tape drive and load the backup software. If you have CDR backups, you can just pop them in any old CD drive on any old computer.
I beg to differ! I am that organized.
Oh yeah… if the stuff you’re backing up is at all private or sensitive, encrypt it before you back it up. Over time you end up with a ton of backups, and they can get lost. You don’t need copies of your credit report selling for five cents at Goodwill.
I use PGP freeware’s self-decrypting archive utility to do this. That way I don’t need any extra software to decrypt my backups… just double-click on the encrypted archive and enter my passphrase.
Whole books have been written about how to backup data and to organize your data to facilitate backups. It’s worth spending some time now to formulate a strategy. It will save you a lot of time and grief in the long run… sooner or later you will have a catastrophe which will destroy all your data.
-fh, who routinely heard grown men break down in tears after telling them what “your hard drive crashed” meant