Thanks, neutrino for the reply; I'll probably go with your second option of raid 1 and a backup drive. As for the partitioning scheme I know my description is pretty vague; this is what I'm thinking of separating on a Ubuntu 8.04 server:
LVM (not sure on the sizes)
I know the initial sizes don't matter that much because of LVM but if someone could give me some suggestions of sizes that would be great. Also if the layout is alright and maybe some suggestions to make it better.