Well, it happened. Everyone says it will happen, but when it happens for the first time, I think that everyone asks "How did this happen to me?" That's right, the computer crapped out and the need for a backup became painfully obvious. Fortunately our good friends at Dell were able to get a new system out to us ASAP and we are back up and running. After the initial panic subsided and we new a solution was on the way, I took a new look at the "paper weight" and found that it looks like the power supply just fried (hence the burning smell that was wafting from the computer). So we didn't lose any data from the HD and were able to recover most everything that we needed from the computer. Now just to hunt down a power supply that I can replace the burnt one with and we might be ready for action x2.
That all being said, Dell was remarkably nice to deal with and the system we got seems pretty great, and the payment plan fit the budget. Currently, I am endorsing purchasing a computer from Dell and renouncing any association with Future Shop.
Finally, I'm testing out a new back-up application called Cobian Backup. I haven't worked too much with it yet, but I'll try and and send out some more details as I work with it.