Getting a Dropbox account and moving my Calibre library folder into the local DB folder was the best thing I've done in ebook management. (Well, maybe after using Calibre.) I was frustrated trying to keep libraries synced on different computers. This makes it automatic, and also provides an off-site backup in case the house burns down or something. I use it the same way to sync and backup my current writing files. As ficbot says, it doesn't replace your local files, it just keeps a copy.
This supplements but does not replace other ways of backing up, I should add. My most important stuff is always backed up about five different ways.
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