Thanks for the feedback. It's very helpful. I know I'm pressing this point about backups hard, but that's because it's an important issue.
Since I'll be working with a partitioned drive partially dedicated to PC projects, it would be helpful to use another backup program that is PC compatible just to be safe. If I'm doing that, I'm wondering if I might as well continue using that program for my Mac files. Hence my hesitation and further inquiry.
Here are my remaining questions about Time Machine:
1) Will it wake up my computer from sleep mode for backups?
2) Will it notify me of instances of potential file corruption? Or does it notify of any errors of any kind during backups? Is there a report that can be run? (I'm slightly concerned that TM may work so well, but if there's a problem during backup and I'm not notified then the issue won't be addressed until it's too late.)
3) Can Time Machine operate on a hard drive that is partitioned? Or will it require full use of the entire drive?
Regarding TM alternatives, I just read through the SuperDuper! manual today. Very extensive. The program can do a lot. I've heard good things about CCC, too. Tri-Backups looks robust, but maybe a little less user-friendly?
Ultimately, I just need something easy to use; something that makes scheduled backups that allow for versioned archiving of files (that way I can return to an earlier version of a project if there is an issue with file corruption and such); and it would be nice if the program is compatible with Windows and allows for bootable clones. I think those are the essentials.
I'm not sure about SandBoxing. How necessary is that? SuperDuper! allows for that, but I'm not sure if the others do. I'm also not sure if I would have the patience to work with that process. Anyway, thanks for the feedback as I'm coming to a conclusion about my backup software needs.