Hats off to all the Apple folks responsible for Time Machine: I'm pleased to report that restoring my Mac from the data stored on my Time Capsule went off without a hitch. Performing a synch with the drive was easy, and after a couple of hours everything was just where I left it--right down to my Dock icons, desktop picture, and app preferences. (James Duncan Davidson provides more detail on a similar (albeit planned) experience.) I was especially pleased to see that all my NetNewsWire clippings & tabs came back in place.
I've encountered only a little strangeness so far:
Thanks to everyone who provided suggestions below. The Letterbox add-on for Apple Mail seems to do a great job enabling Entourage-style three-pane viewing, but I haven't tried it extensively. I'm really torn about leaving my old friend Entourage, especially as Mail apparently doesn't offer the ability to accept/decline meetings sent through the Exchange server. Efficient incremental backups sound pretty appealing, however.
I'm now going to try using Time Machine with a Drobo. It seems that it'll be possible to store a large photo collection (which wouldn't fit onto the laptop drive) alongside the Time Machine data file. If anything interesting develops, I'll pass along the info.