I haven't had a lot of problems with Time Machine though I have seen some of the complaints about it. Mainly due to some misunderstandings about how Time Machine works. There are a few things to keep in mind with Time Machine:
1. Unless you deliberately exclude them from a backup Time Machine backs up system files, applications, and data. The Time Machine Backup is not directly bootable though. If you ever need to restore the entire contents of the drive you need to boot from the recovery partition, usb stick with the OS on it, or "clone" of your system then use Time Machine to restore the files/
2. When you are using Time Machine to backup a notebook it will store backups on your main boot drive if it cannot find the external drive you were using for backups. These gradually get removed if space is needed or as you reconnect to the external drive.
3. Some of pour members use Time Machine in conjunction with software such as Carbon Copy Cloner to provide a more complete backup strategy. One might, for example, use Carbon Copy Cloner, to periodically produce a bootable clone of the system files while allowing Time Machine to backup data files.