Hopefully it works on a network share. And hopefully Apple fixes the probems associated with waking your machine when a network share is missing.

I'm using Tri-Backup right now as I found it to be the best backup solution available for Mac OS. Its interface is not the most elegant, but it's far better than some. And its features are robust. I started using it with the intention of setting up an automated system using evolutive data but have since only been using it manually. I think Apple's solution will obsolete a lot of backup software and likely open up a market for backup-enhancement and management software using its data.