I have used Retrospect for many years as my backup software, and it has saved the day for me a number of times. I have found it easy to use, both for backup and restore. It works well for restoring after a crash, and for transferring data from an older computer to a newer one.
For a long time, MO was my preferred media. After I got my new iBook a few months ago, I started using CDRW and find it less expensive and quite satisfactory. I have not yet had to restore from CDRW, so I don't know how well that works. I am confident, however, that it will be just as easy as from MO.
I used to backup twice a month, but now I backup daily. That decision came about during income tax season this year, when I lost two complex tax returns in a MAJOR crash (had to get a new computer).
Wishing you well.
Joe