Time Machine is not only about easily creating a backup, but as much about easily restoring the whole system or single items when required.
My main reasons to adore Time Machine:
Time Machine by default backs up virtually everything, allowing it to be used to restore a full system when needed. Just select the appropriate option when using the Mac OS X install DVD.
Time Machine not only integrates well with the OS, but also with Time Machine-aware applications like Mail, Address Book and iPhoto. When entering Time Machine while one of these applications is active, you'll see the regular star field with that application (rather than the normal Finder, which is the Windows Explorer on the Mac). This way one can, for example, search and restore single messages from Mail. It even makes it easy to restore messages from email accounts that you've deleted altogether, without the need to know how Mail uses the file system.
One can easily use multiple Time Machine disks, to get some redundancy, without slowing down the backups.
In my opinion, Genie Timeline as mentioned by Bronze looked promising, but does not offer the above (yet). It might very well be good backup software. Maybe it's even the best one can get for Windows. But it's just no Time Machine (yet).
I read in a review on Suite101.com (which was changed at some later time):
Windows users can now take advantage of Genie Timeline, a recently released clone of the popular Time Machine program. It brings the same feature set to Windows, and even provides additional functionality, a program that was recently released that was inspired by Time Machine. It brings a similar feature set to Windows, and even provides new features.
[..]
Far from being an exact copy of Time Machine, Genie Timeline brings a set of innovative new features. During installation the program can automatically detect the most common user files and configure itself to back them up, requiring no user intervention.
Id'd say the latter is just a workaround for (according to the same review) it only backs up user created files. How to restore the whole system then?
Also, there seems to be no true integration with popular email or photo organising software. Of course, one can surely restore all email, or all photos. But how to restore some message I deleted some time ago? Do I need to know where and how that specific message is stored on the hard drive? In Time Machine, I can search and restore a single message, without having to restore all to some earlier state. Or when restoring an image, does it restore its meta data as well?
Backing up virtually everything, and allowing to easily restore when needed, and easily find and restore only what is needed, still makes Time Machine one of a kind. Bummer.
I'd say: any "Time Machine for Windows" should especially allow for easily restoring the full system, and just as well a single email message or photo.
Note that Time Machine works so well because no (current) Apple software uses large files to store any non-static information (well, except for the sleep image). By using small files, the changes between two backup moments are relatively small, and backups can easily be searched. Like Mail uses a single file for each message, whereas Outlook on Windows uses one large file to hold many messages.
Backing up non-static large files in a Time Machine-manner is difficult (on most file systems). For this reason, on a Mac some things are usually excluded from a Time Machine backup, such as temporary torrent files, images of virtual machines, and large log files.
So, when looking for a Windows equivalent for Time Machine, one may also need to assess the programs one is currently using. Not every system is suitable for such backup mechanism.