There are hundreds/thousands of ways you can do system backups. I assume you are interested in a backup method for home and not for a corporate setting and I also assume that you don't have a backup tape drive/library. If this is the case then you probably want to be selective in what you backup. Just having a second copy of your important stuff somewhere is better than nothing.
You could write a script to tar/gzip your important stuff and schedule it however often you want via cron and have it copy the resulting backup file to another machine, or to a CDRW/DVDRW, or to another drive on the same machine if you have to, or maybe even to your digital video camera. You could make it a little more elaborate to do incremental backups of your important stuff nightly and a full backup of your important stuff weekly (I do this on a couple of my home machines).
You could also use "rsync" from a cron job to keep your important stuff synced to a location on another machine (or even on the same machine). For me I like to have "/home" and "/etc" as the most important things to back up. If I am running MySQL or PostgreSQL I also do a database dump to a location under "/home" so the databases will also be backed up. You might also want to back up "/var/lib". ;)
At work we have these large robotic tape libraries and we do full/incremental backups with of all of our servers to these libraries over the network using Veritas Netbackup and we keep all of our important stuff on the servers. I also have a DLT library for some personal servers that I use an open source/free backup solution called "Amanda" that works very similar to the commercial Veritas software:
http://www.amanda.org/
I don't personally care for "image" backups although you can do those as well using the tool you mention or for a client server image backup solution you can use the utility called "partimage" (comes with Red Hat, KNOPPIX and I'm sure other distros):
http://www.partimage.org/
http://www.partimage.org/screenshots.en.html
It is menu driven, just select a partition and create an image either locally or to a server.
If my firewire was working in FC2 on my main home desktop I could back my system up to my Sony digital video camera like I did with RH9 and FC1:
http://dvbackup.sourceforge.net/
The camera makes a nice 8mm tape backup drive. :)