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It partly depends how much you have to back up. If you have a DVD burner that's not a bad option if you have a relatively small amount. (I just this week cleared up 16GB or so by moving stuff from my Photoshop catalog offline to DVD.)
There are some online backup services. I've been trying out mozy.com and they seem OK. They will give you up to 2GB of space free; for an unlimited account it's $60 for a year or something like that. There are other people in this market to. IMO it's too young a market to really know about long-term reliability, security, etc.
I hate to say it, but in many ways an external drive is your best option these days. Though remember that those can go south too.
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