Backup and recovery operations in SQL Server can be a rather daunting task especially when dealing with large databases and multiple backups. Your overall environment plays a pretty big factor in your strategy as well. Do you only have a single database server? Are you running in a cluster? Using mirroring? Log shipping? Are off-site data centers available? What kind of bandwidth is available? Do you have SAN storage available?
If up-time is critical and you cannot deal with a production outage then something like a failover cluster or database mirroring may be what you need. If disaster recovery is your primary goal, then something like log shipping may be more appropriate. If both are important, you might need a hybrid combination of (for example) a failover cluster in a primary data center combined with log shipping to a standby server at an alternate location.
Here are a few resources you may want to have a look at:
There are quite a few branches off of each of the above links which should help provide some point of reference.