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Cloud-based back-up? Why? Why not?

Double-Take Software just introduced cloud-based disaster recovery services based on Amazon.com's Elastic Compute Cloud (EC2) and Amazon Web Services. Anyone using Carbonite Pro, Double-Take, MozyPro or any other cloud-based services for back-up and recovery of business-critical information? If so, how's it working? If not, why not? Thanks!
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I'm a huge fan of cloud-based backup:
1. It outsources the cost of having multiple servers in multiple locations.
2. It gives you multiple servers in multiple locations, which is really the only true form of backup.
3. It's a set-it-and-forget-it approach.

I highly recommend the solution unless you're planning on backing up many TB of data a day – in which case there's just no way you can get everything transfered to the cloud.

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