I have recently updated my whole server setup and its now costing me less and giving me better performance and security. I now have a very efficient setup for my podcasts, wordpress and webserver backups. I have my wordpress site hosted on hostgator and a second web server for a second account for hosting my backups and any podcast files hosted with webhostingpad.
This is a great approach for backups because then you have two different locations and companies which spreads risk. From a podcast point of view it is great as it means that people downloading your podcasts will not harm the performance of your website.
For the hosting
I have been using hostgator for some time and have found the support good (they have alot of staff and can get to you quickly). My only gripe is that the chat window has no way of sending screenshots. (For this reason I reccomend to anyone who is talking to hostgator support to email thier support desk with screenshots of your problem so you can refer to it on the chat )
I have just started using webhostingpad as they have had really good review and seem very well priced.
For the backups
I use backup buddy and I’d recommend it to anyone as it backs up everything on your site (including images) and it is easy to setup , supported and you are also able to use it to migrate wordpress site with (a task that can be very painful without it).I have a post that explains more about about how to backup using backup buddy wordpress plugin