Not to diss this application, but if you have a 40 gig iPod or other External drive and FileVault ON you can log out of your user and into either root or some other Admin'd user, and copy the sparseimage to the 'pod. When you go into /Users/YOU/ you'll see the YOU.sparseimage, otherwise it's hidden in the ~/.YOU directory (but not as root, go figure).

I keep 2-3 of these sparseimage 'snapshots' of my user directory sorted in named folders like user_bak20040701, 0802, etc

To restore, just reverse the process above. Works like a charm. I have a bloated user directory and the sparseimages come in at just under 2 gig (meaning that 2 encrypted, secure images can be burned to DVD). Apple's solution gives you total, compressed, and most importantly secure backup, built into the OS.

These images can also be mounted, so that you can recover files (I've done this too after throwing out something and then recovering it from 2 week old bak.