Also what you didn't mention is if the drive is failing, it is likely that the backup is no good anyways.
That is not necessarily the case, especially with an incremental backup system like Time Machine that allows you to go "back in time." If files become corrupt due to a failing hard drive, Time Machine may be able to let you restore to an earlier point, before the corruption.
And in my case, deleting the 1 month old sparsebundle created under Lion solved my slow backup issue.
That means that your backup was probably corrupt, and that solution was appropriate, as long as proper precautions were taken. That will not be the case for everyone, but it's a reasonable thing to try... again, as long as proper precautions are taken.
The original poster obviously knows what he's doing since he's already taken it upon himself to rework his backups, including reformatting his drive. I think he is more than capable of understanding the concept of deleting his sparsebundle.
You forget that you are addressing an entire community, and not just in the present but in the future as well. Countless people will come across your advice, even years in the future. If there is an aspect to that advice that is dangerous, it needs to be corrected, lest it lead someone down the wrong path. Deleting your Time Machine backup if you don't have any other backups is highly dangerous, for the reasons I've already mentioned.