Currently you can only backup the 256MB, 512MB, 1GB, and 2GB cloud servers. In the future Rackspace Cloud plans on migrating all cloud servers customers to our cloud files system for backups. Once that is completed, you can retain as many backups as you like and backup any size server that you would like. Backups will just be charged by storage at that point, $.15 per GB per month. As of now, you can set the backup schedule first:
Aside from setting a schedule, you can also view currently stored backups and create manual snapshot/backup:
Trackback: MANUEL