I've been using this service for a couple of months and from what I can see it works well. I haven't done a recovery yet though, fortunately. I just hope that when the prices come that they are reasonable...
Locally I'm running Genie Timeline which so far is working well. The downside might be that it's always on watching over the chosen folders. It's not taking up that much capacity though, not more than MSN messenger or Voddler. It's nice that I don't need to remember to do local back ups to the DNS.