I suppose I'd consider it as a
backup target, but I wouldn't want my
only copy of anything on there. If data is not in two or more separate places, it could be lost at any time. Some NAS boxes do RAID-1 (drive mirroring), e.g. the D-Link DNS-323.
At least this one supports Linux & Macs: avoid the Western Digital boxes, which work via some bizarre 3rd-party Windows driver.