I am already using this application for a while now.
I just released a Sharepoint Site Collection Backup utility on Codeplex.
Please take a look at: http://www.codeplex.com/SPSitesBackup
I find this utility very usefull if you have multiple site collections in your farm.
You can use it for MySites to keep a backup of each separatelly. and then when you need to restore one you can restore just the one for the user that requested it. You can even use this for the outboarding process (just keep a copy of the user personal site and delete the site from the Farm).
However I want to stress that you will still need to have a full farm backup because this utility is not a replacement for that.
If your application contains multiple projects each on a separate site collection (my recomandation) then you can use this utility to archive them separatelly.
If you find this usefull please leave me comment and tell me how you are using it.