Bit of a disaster this evening—the hard drive on the Powerbook has died. No booting, no sign of it in Disk Utility (when booting from CD), and a strange clicking noise at startup. (I was in the middle of updating an iPod Classic to 1.0.3 firmware at the time, and the sync process had already failed a couple of times for no apparent reason.)
The really distressing part is that it died while it was in the process of updating the offsite backup (which is my iPod), and it managed to trash that too.
So let's hope that Time Machine lives up to its billing.