Hey
Time Machine is a great little tool for backing up files and folders. Although it is not the most powerful backup tool in the world it is certainly good for the average user. The problem with this is that it is in not in the most useful place to use, that is the dock. Thankfully there is a way to make this easier.
If you find Time Machine within the Applications folder and drag it onto the Finder toolbar you can access it any time you want and it will take you directly to the Finder window you are working in.
If you are a little confused by the process you can watch this cleverly put together video by Philip Havens (who would have had a link to his site if he gave me one). He shows this process in more detail and how to use it.
Simple to use and simple to set up. You can now hopefully get to Time Machine quicker when you find that all important file has disappeared.
Edit: RSS readers you are either going to have to click through to this site to view the video or view it on Vimeo here.
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Time Machine was in my dock when I first powered up my MacBook after taking it out of the box.
There is no need to go to Customize toolbar first!
Drag anything (apps, files, folders) up to the list and hover for a second or so and FInder makes room.
Command + drag out to remove an object.