My experiences older versions of MSSQL, so there may be things in SQL2008 which help you better.
We are very tight on disk space on some of our old servers. These are machines at our ISP and their restore-from-tape lead time is not good - 24 hours is not uncommon :( so we need to keep a decent online backup history.
We take full backup on Sunday, differential backup each other night, and TLog backups every 10 minutes.
We force Tlog backups every minute during table/index defrag and statistics update - this is because these are the most TLog-intensive tasks that we run, and they were previously responsibly for determining the size of the standing Tlog file; since this change we've been able to run the TLog standing size about 60% smaller than before.
Worth watching the size of Diff backups though - if it turns out that by the Wednesday backup your DIFF backup is getting close to the size of the Full backup you might as well run a Full backup twice a week and have smaller Diff backups for the next day or two.
When you delete your Full or Diff backup files (to recover the disk space) make sure you delete the TLog backups that are earlier. But consider your recovery path - would you like to be able to restore last Sunday's Full backup and all Tlogs since, or are you happy that for moment-in-time restore you can only go back as far as last night's DIFF backup? (i.e. to go back further you can only restore to FULL / DIFF backup, and not to point-in-time) If the later you can delete all earlier Tlog backups as soon as you have made the DIFF backup.
(Obviously, regardless of that, you need to get the backups on to tape etc. and to your copy-server, you just don't have to be dependant on tape recovery to make your Restore, but you are losing granularity of restore with time)
We may recover the last Full (or the Last Full plus Monday's DIFF) to a "temporary database" to check out something, and then drop that DB, but if we really REALLY had to restore to "last Monday 15-minutes-past-10 AM" we would live with having to get backups back from tape or off the copy-server.
All our backup files are in an NTFS directory with Compress set. (You can probably make compressed backups direct from SQL2008??, the servers we have which are disk-starved are running SQL2000). I have read that this is frowned upon, but never seen good reasoning why, and we've never had a problem with it - touch wood!