How is BackupBuddy even comparable to VaultPress? BackupBuddy doesn't host your backup files for you, does it? I haven't used the plugin, but don't you have to supply a remote FTP server for it to move the files to?

My backup solution is, however, along similar lines to VaultPress. I have a daily cron script that use Duplicity to encrypt and back up all the important stuff (/var/www, /etc/, and a directory of MySQL dumps) to Amazon S3. It's cheap, reliable, and off-site.