I don't quite agree, I'd use at least 2 drives and have one backup the other, heck, maybe even use a RAID1 mirror. The chance of both drives failing simultaneously is quite slim...so your chances of being able to retreive ALL of your valuable data in a disaster is higher than if you split up your valuable data between two drives.
So, you've got your My Documents, porn, music, and data (just kidding...no porn) on drive A and those folders are backed up daily to drive B. When disaster strikes you you have your data on at least 1 of the drives.