Call me old school, but what about sub-versioning to a partition and then ghosting on a schedule?
The svnsync option suggested by Davide Gualano sounds good too. I'm leaning towards this option to prevent unnecessary partitioning of my drives (this may also rub other admins the wrong way and not make sense on some of my VPS environments).
Addition
I have been using the svnadmin 'dump' command a lot lately. This works a lot like the mysql dump command, in that it exports your repository out into bak create commands. This command could be implemented as a crontab / scheduled task and then copied to an external drive as a file. Example commands:
svnadmin dump c:\svn\project > c:\dumps\project.bak
svnadmin load c:\svn\project < c:\dumps\project.bak
Then use robocopy / you copying tool of choice to move the file to another location. This is useful if you want to move the files completely off the repo server but there is no external access to subverion.
I still haven't got this down to a fine art. When I move these files between machines, I occassionally get something like 'UUID mismatch'. I have been resolving this by deleting / under-scoring the project folder, then using:
svnadmin create c:\svn\project
svnadmin load c:\svn\project < c:\dumps\project.bak
This should remove the error. You may need to re-create or restore links with Eclipse or other projects. If the UUID is broken, it may affect other people using the project too, so this should be a consideration.
You could use this method as a fall-back for Hotcopy. Between them you should be able to retore the repo.
P.S. Ken, it looks like svn-backup-dumps.py has been moved here:
http://svn.apache.org/repos/asf/subversion/trunk/tools/server-side/svn-backup-dumps.py