Use mine on 5Ghz and incrmental backups are quick, as youd expect, just the initial is slow, but then what do you expext transfering 200-250gb over wireless.
I wouldn't recommend the initial back-up over wireless (but then that's a pretty retarded thing to do). However, after that, the incremental backups are fine, especially over 802.11n
I don't use mine for Time Machine, but as an NAS device.
All my media is stored there, as a backup and generally so I can access from the internet (using Mobile Me). It's pretty good as I used to use an AirPort Extreme with connected hard drive; this helped me combine devices
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