Time Machine could not complete the backup.
Files can’t be copied onto the backup disk because it appears to be read-only.
You may need to repair or reformat the disk using Disk Utility. If the disk can’t be repaired, you must use a different disk for backups. Open Time Machine preferences to select a different backup disk.
Why is Time Machine insisting my drive is Read-only, when in fact it isn't?
This is becoming a routine occurrence. What's troubling is the problem is easy enough to resolve by simply unmounting/mounting the Time Machine drive and selecting Back Up Now from the menu and it purrs like a kitten.
After performing the step outlined above, my latest Time Machine backup is tucked neatly away and everything is fine once more.
24-inch iMac 2.8GHz (early 2007)-OTHER, Mac OS X (10.7.2)