As far as Time Machine goes, I feel a little used and under advertised feature of Windows is the Volume Shadow Copy Services(VSS).
It is better known by it's GUI, the Previous Versions tab.
System Restore and Windows Backup both use the Previous Versions tab. System Restore, be default, backs up all your files under your profile, registry, and other protected DLLs. Windows Backup just backs up whatever you point it to.
System Restore, by default, is triggered automatically after every install of a program. By default, it also is triggered once a day at bootup, but if first waits for you to be idle for 10 minutes. Kind of an odd number IMO.
Restoring is easy. Use the previously mentioned Previous Versions Tab under each folder/File's Properties. Or you can just launch Backup/System Restore (old way of doing things).
It is easy to figure out which version you want. Just like Time Machine, just scroll to your desired date. You can even right click and start browsing and opening documents, like the Quick Preview. All from the Properties Window. If the file is on a separate piece of media, then Windows will prompt for it then, rather than before.
Unlike Time Machine, your encrypted files can be backed up while you are still logged in.
Time Machine definitely has a more streamlined interface. While Windows Backup can be fully configured from one dialog box, System restore requires you to punch into the Task Scheduler to make more granular scheduling changes.
By far the biggest advantage Windows Back/System Restore has on Time Machine is that they can detect block level changes. That means, rather than copying a whole file, they can just copy the changes if there already a previous backup copy. This is a big plus if you use a lot of VMs (Hear! Hear!). This allows you to be very very liberal with your backup strategies. Lion's Document Version does sort of(?) does block level-ish backups, but only for certain file types.
For example, we got about two months worth of bi hourly backups of one of our 1TB-ish network shares. Total Disk usage: 20GB. Windows Server by default allows VSS to use up to 10% of a volume. Considering we don't need two months worth of changes, I'll probably be changing that. . .
I wanted to type all this out because this was one of the biggest changes I pushed for when I started working, plus it has saved countless lives and gray hairs (or maybe prevented. . .)
I'm totally got nothing done for the past hour because I found out someone is making backup strategies a primary shopping point.
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BTW, pretty much every piece of software these days allows at the very minimum a 30 day trial. These includes pretty much every piece of Microsoft software, Adobe, Anti-Virus (I recommend none), etc etc.