Dated files are fine when you want everything in seperate files, each log backup etc. If you want the log backups appended into one file or device with no init then it all goes wrong at midnight when the date changes!

You also have to ensure that there are cleanup tasks as dated files won't automatically overwrite each day. I don't have the disk space for much more than a day's backups on each server - we copy and tape backup to keep older copies so there is no justification for having the large quantities of disk space required for keeping more than 24 hours worth on line.