Apple announced Time Capsule today, which is a wireless backup device that works with Time Machine in Leopard OS. The Time capsule uses integrated 802.11n networking and can wirelessly back up all Macs in the home to the one time Capsule device.

Time Capsule is available in two capacities, one is a 500GB model for $299 and a 1TB model is available for $499. "Bring Time Capsule home, plug it in, click a few buttons on your Macs and voila -- all the Macs in your house are being backed up automatically, every hour of every day," said Steve Jobs, Apple's CEO. "With Time Capsule and Time Machine, all your irreplaceable photos, movies and documents are automatically protected and incredibly easy to retrieve if they are ever lost."

Time Capsule can also connect to a printer and act as a wireless print server to allow you to print wirelessly from connected Mac computers. The device also acts as a wireless base station and allows you to set up a wireless network for up to 50 users and set security restrictions as well. Dual-band antennas are used with 2.4GHz or 5GHz frequencies. One gigabit Ethernet port and three gigabit LAN ports are included. Protected access is supported using WPA/WPA-2 and 128-bit WEP encryption.

Via Apple.