Right. Incremental backups are the way to go. The first backup is going to take a while. After that though, it will make incremental backups of only changed/new files and settings so any incremental backups created after the initial (long) one should only take a few minutes. Time Machine is a free option built into OS X if you are on a Mac.
64GB iPhone 5 | 64GB iPad mini | AppleTV 2 (2012) | AppleTV 2 (2010) | 2012 15" MacBook Pro, 1TB SSHD, 16GB DDR3 1600 MHz, OS X 10.8.3 Mountain Lion | Apple Lossless | iTunes AAC 192kbps VBR | iTunes 11.0.2| Library size = 1.04TB | Legacy iPods: 3G 40GB, 4G 40GB, 5G 60GB, 160GB iPod classic (2009)