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No, really, I'm quite serious. You may think you only need to back up prefs and email and user-created files, but there will always be something you forget. I strongly suggest creating an image of your disk before backup to use as a just in case. Having lost files this way - including a large hunk of a work project - I'm really a strong advocate for full backups.
If you still have the standard, 40 GB HD, you can get a 160 GB external firewire drive at compuseless and back it up 3 times before you need to start getting rid of the old backups. (For me, with a 60, I tend to have two fortnightly backups on the external before we transfer to the long term storage array. ) You should have firewire ports; if not, there are usb versions, but they're slower. The LaCie that compuseless sells is the same price as a firewire harness kit and 160 gb HD from the local chopshop, and comes with a better warranty - it runs $149.
Remember, burning to a CD only gives you about 18 months of reliable storage. Most burnable CDs are not considered permanent and should not be used for long-term backup. (Same for burnable media of any sort.) They degrade, especially if the dye in the disk is exposed to light, heat or humidity. While that may not be an issue for you, it can be for others. Some CD manufacturers say their media last longer, but I wouldn't trust their claims with anything critical.
Panther makes it pretty easy to burn a CD. Pop a blank in the drive, and it will pop up a window for you. Follow the naming instructions, then open another finder window. Now drag and drop the files you want to preserve onto the blank CD. When it's full, it will tell you. Then click on the icon that looks like a radiation symbol. That burns the disk.
Finally, don't forget to back up your libraries, both under the individual user and under the hard drive itself and under system. (These are what I used to forget to back up....)
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