The latest Airport Utility allows you to archive your Time Capsule drive to a USB-connected drive. I just finished archiving my Time Capsule to an external 500 GB drive, but do not see any options for recovering it.
The archive is saved to a folder on the archive drive, which contains another folder named after the sparse image found on the Time Capsule drive. I haven't been able to browse this drive or find an image to mount.
Has anybody else figured out how to restore a Time Capsule drive from its archive? Switching to the archive volume in Time Machine preferences just started a new sparse image. I thought I saw an option once to browse other Time Machine volumes, but can't remember where I saw it (if I did in fact see one).