We use multiple daily backup  methods:
1. SQL backups to disk
2. Custom script to do:
a. Farm-level backup
b. Site-level backup for all site collections (stsadm -o backup -url
http://abc/site/test)
c. Document-level backup for most websites (using Robocopy commands)
3. Veritas NetBackup to tape for above disk backups
4. EVault InfoStage to send files to remote DR site for above disk backups
5. Quest Recovery Manager (use this for site and item level backup including
list items)

Restore methods:
1. SharePoint recycle bin.
2. Two days of backup on disk allows us to retrieve documents or restore
websites by pulling files from server. Files older than two days are retrieved
from tape.
3. Quest Recovery Manager easily restores individual items and is especially
helpful to restore lists and list items.
4. DR is done offsite using EVault InfoStage to restore SharePoint 12-hive,
other system files and database backups. We use SQL backups to restore
SharePoint databases. Web applications are recreated in DR and pointed to
restored databases.