I just picked up the new Airport Extreme Base Station to upgrade to 802.11n and to get USB file sharing. The guest network is another perk that I didn't really need because I don't have an iphone or any other 2.4 ghz devices, but I'll still use it for guests who I don't want to give access to my full network.
I have a brand new 1TB HDD. I made a partition for Time machine and another partition for general network storage. I want to give my xbox and my roommate access to the general network storage partition but NOT the time machine partition (I don't really know much about Time Machine yet, but I presume that someone could restore my system to another computer and get access to all my emails and documents -- this freaks me out and makes me VERY apprehensive about starting to use time-machine without basic security to limit access to the drive I'm backing up to).
There doesn't seem to be a way to give users access to one partition but not the other, but maybe I'm wrong about that. I hope.