https://myphone.microsoft.com
sign in with your Live ID
install the cab onto your phone from
http://myphone.microsoft.com/install
more info here.
https://sn1-p3.myphone.microsoft.com/mkweb//MoreInfo.po
It will backup Calendar, Contacts, tasks, text messages, pictures, videos, music and documents from the device. Will even backup data from the storage card.
I have only been trying it out for about an hour now so not sure of the pitfalls as of yet. If you sync with exchange then you will be given a choice to sync calendar, contacts and events with your exchange acount OR with My Phone, NOT both.
There is an option the sync pictures, videos, music and documents from the storage card but it is an all or non option, you do not get to select individual types of data.
I am eager to read what others think of this new product.