So you'll need a SD/CF big enough (C1000/3200 is ~130MB) to hold the backup.
It also needs to be under 1GB in size.
I agree, don't try beta4. Its not beta quality yet.
I am using beta1. It has its quirks, for example suspend/resume can be problematic. I also find that if I reboot without first deleting /etc/mtab, it doesn't see any of the applications installed to my ext3 formatted sd card.
In general use, though, I find it very stable.
My advice would be to take a NAND backup and try all the other distributions. Each has their good and bad points. I don't think any of them covers all the bases. Its a question of finding one that does enough to make you stick with it.
Mike.