Backing up just the database will NOT get all your sharepoint information. Sure it will get everything in the database, but all the customizations and the look and feel get lost. This may not matter to you as an admin but I assure you your users will be unhappy.
Options include getting a backup agent that can read the sharepoint database for your backup software, or doing some scripted backups that grab the configuration information and putting that as well as your SQL database backup somewhere safe.
http://technet.microsoft.com/en-us/library/cc288330.aspx Has some information.
TEST your backups. Restore them. See what changes, what works what doesn't. Our first restore was not as good as it could have been. Fortunately for us it was just part of the process in making a test server that was a duplicate of our production server, rather than trying to recover lost or destroyed data.
Edited for relevance
Upon reading this again I realized I got distracted and missed the answer point of my answer. If you do full backups with transaction logging you can roll back to much finer points in time. This does require more skill as a DBA but it isn't that hard. If you don't have a ton of updates and losing a whole day's work isn't the end of the world then you are probably fine. Other options include running the simple backup more often. Say Midnight, 10AM, 2PM, 6PM, or whatever works for organizations work cycle. This will eat up more disk, but reduce your data loss risks. As with all backups it is a balance between what the users will tolerate and what the admins can provide.