>>> So bottom line, unless you are rooted there is no way to back up everything?
MyBackup Pro documentation reveals that without root privileges you won't be able to back up third party applications data\settings, protected applications, Android Market links, and system application data, for example. Also, you won't have the ability to backup and restore applications in batch mode with a single click.
The best advice I can provide is to purchase both MyBackup Pro and Titanium. Why? One or the other may not perform as designed either during a back up or restore and you'll be glad you have a Plan B.
>>> That makes a lot of sense.
Well, it is what it is. Do yourself a favor and heed my advice. One day (or, likely, more than one day) you'll be glad you did.