Here is what I do and I feel it is very efficient.

1. Shut down windows 2008, boot with Ghost. Create a disk GHO to a USB drive or Network Location.

2. Create a Virtual Machine on the destination Physical Machine, create a VHD but dont install any system on it.

3. Boot the virtual machine with Ghost, disk to disk recovery from the  USB drive or Network location. 

4. Create another VHD disk and link it to Virtual Server windows 2008. Create windows server backup daily to that VHD disk. Write a scripts of copy that VHD to somewhere else weekly with task scheduler on the physical host of Virtual windows 2008. Copy the whole backup VHD to someother location over the network.

5. Monly copy the Backup VHD from the backup to a external Hardisk and lock it into the save.

Now we can have a daily backup from Virtual Windows Server 2008 itself, weekly Disk back up for the Virtual Windows Server 2008 and Monthly save back up for the server, even there is an earthquake you wont lose your data as long as the save is found.