great guide. thanks. should have read this long time ago
i'd like to add that a lot of configuration files go into /etc not only /home. i've read that you can't create /etc (and /bin, /lib) as a separate partition, because it might be needed during boot, before other partitions than / can be accessed.
what i do is backup my /etc and /home folder (and some others that are important to me) using Back In Time. An awesome program available for gnome and kde. it uses rsync and chron to create snapshots of you files. thanks to back in time you'll be able to restore all (depending how you configure it) previous versions of your files.
i also tried timevault and flyback. they are nice but back in time rules!
i still keep /home on a separate partition.