Time Machine Or Something Else?

Hi guys.  I purchased my first Mac just before Christmas after using Windows for 14 years. So far it has been great but still feel like a newbie at times. After building and fixing many PCs the Mac was a bit foreign at first but am getting the hang of it
I am wondering about using time machine. I have read up about it and looks like a great idea. But if I read correctly it does not create a bootable drive in case of disaster. But can it be used to migrate to a new Mac?
I am asking because I bought the low end Mac Mini. I love the thing but am considering an upgrade.  It has a 500 GB HD built in but I have a 4 bay HD external case that I keep all of my files on, plus I also have two d-link NAS enclosures that I have for a back up of my documents and one for streaming movies to my Mac and laptops.
I would like an easy way to keep a backup of the Mac HD if something happens, or I upgrade. I see there is also the migration assistant.  I assume that would be the best way to do an upgrade. But I thought that might also be nice to have a bootable drive in case of disaster.
As I said I am new to Macs so am looking for any suggestions you guys can give. Should I use the time machine app or would I be better off getting other software to do this?
Thanks.

CptKirk wrote:
I am wondering about using time machine. I have read up about it and looks like a great idea. But if I read correctly it does not create a bootable drive in case of disaster. But can it be used to migrate to a new Mac?
Yes: http://pondini.org/OSX/Setup.html
You can also backup using a cloning program such as CarbonCopyCloner.  I use Time Machine and have a clone.

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