Well, I just pg_dumpall my database every night for backup, but I've NEVER had my mainline production postgresql server go down, EVER during the two years I've been using it.
I do keep a <1 week old live server ready to take over should anything ever go wrong, but it just sits there, testing new versions of postgresql and ugly SQL that might clog the arteries of the production box, but never gets "taken to the prom" so to speak.
In the replication versus stability environment, I'm reminded of my argument against lifetime warranties on tools, like those from Craftsman and Ace Hardware. I buy most of my tools from companies like Thorson, who make rock solid tools that never seem to break. Lifetime warranty? I don't know. But if you're in the middle of death valley, trying to get your car running, and you break your last 14mm wrench, how much good does it do ya to be able to get a new one WHEN YOU GET BACK TO CIVILIZATION? You need a tool that works now, in the desert, not that will be replaced for free after some wanderer takes it off your dessicated carcass while hiking death valley at night...
Same thing goes for replication. It's a nice security blanket, but it can't make up for an unreliable database.