I agree with Gail, but diff backup takes almost same time and space as full backup again it depends. Personally i would prefer full back every night and log backup once every hour, with SQL 2008 compression you will save lot of space on full backups.
I don't agree with you on the time taken for a diff backup. The time taken perform a Diff backup will be far lower than the time taken perform a Full backup. Since the differential backup backups only the changes since the last full backup it would be only backing up those modifications.
If there is a DB which is 450 GB (grown over a period of 2 years), and there are changes worth 1 GB for each day, the daily Diff backup will be of the size of that much (1 GB) on day one and tends to grow, since diff backups are cumulative. At any point it would be still be lower than the full backup.
And regarding, log backups every one hour, that needs to decided by the amount of data modifications since the transaction log file will keep increasing without log backups.
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