Best setup for external hard drive and iMac?

Question

Just purchased a Seagate FreeAgent GoFlex 1TB external HD for my Mac OSX 10.5.8. Would like to use it to backup all my pics/writing (I am a writer/photog), videos, and music - about 400 gigs worth at present. As an analog person, I am confused as to how best I should format the drive:
option 1 being to use drive with Time Machine (just now heard of it),
option 2 to use drive for storage and backup (what's the diff) using Memeo software,
option 3 to use for storage by reformatting with Disc Utilities.
This, no doubt, is easy language for most of you, but Japanese to me, a Nuyorican.
Again, I mainly would like to have backups for what's on my iMac, in case that dreaded day comes and it goes kaput. What would be the best option for me to simply transfer everything, unplug it and put it in a safe place? And if and when I do that, could I, two years, months, weeks later, plug it back in and add what pics or whatever I've accrued to it and replace it in that safe place once again? Looking for what is most practical for the safe keeping of my precious files.
Hope my old tactile-inclined *** is making sense.
Appreciate any and all assistance here. Thanks in advance.

Answer 1

I have to agree with JG, I'd strongly recommend using Time Machine as your primary backup. BTW there is a forum specifically for TM that has a FAQ section and if you need it (most never do) a troubleshooting section. You can find that forum at:
http://discussions.apple.com/forum.jspa?forumID=1227
Many people like myself believe in redundant backups, in other words 2 is better than one. If you decide to go that route you will need a second external HD and then use software like SuperDuper or Carbon Copy Cloner. What these applications do is create bootable clones, so if your iMac's internal HD dies you have a bootable clone that you can use to run your machine until the internal HD is replaced. Dual backups are also good if one backup's HD dies.
Below are links to 3 articles I found in MacWorld magazine, what they are is backup strategies of 3 individuals to give you some ideas so you can figure out what is best for your needs.
Operating any computer without a backup plan is a recipe for disaster. Many people put their digital life on their computer (photographs, music, movies etc..) without a backup and then cry and moan when their computer dies. These days there is no reason one shouldn't be backing up their computer.
http://www.macworld.com/article/157414/2011/02/mybackupplanlex.html
http://www.macworld.com/article/156643/2011/01/howi_back_up_frakes.html?lsrc=top1
http://www.macworld.com/article/141363/2009/07/backup.html
Roger