Sundar Narasiman
I could think of the following 3 ways for back-up and restore
1)STSADM.EXE comand line tool
2)Central administration wizard
3)SQL Server way of backing-up SQL content databases (backing-up .mdf and .ldf files)
Please refer the following technet links for the above 3 options:-
http://technet2.microsoft.com/windowsserver/WSS/en/library/0e32806c-a34a-4a8f-851e-63e7a629e9041033.mspx
http://technet2.microsoft.com/windowsserver/WSS/en/library/39f6e881-485d-42a4-ab41-b9be809268991033.mspx
http://technet2.microsoft.com/windowsserver/WSS/en/library/a6bac7dc-cd72-4d73-97ef-cd978bd70c191033.mspx
http://technet2.microsoft.com/windowsserver/WSS/en/library/d3471cf0-c23d-444f-90c0-93b98653328f1033.mspx
http://technet2.microsoft.com/windowsserver/WSS/en/library/d30dccce-a9cc-46b4-9622-00c7e115858d1033.mspx
http://technet2.microsoft.com/windowsserver/WSS/en/library/604a0658-e543-4949-8ccb-bd5706b150d61033.mspx
Here's my recommendation
a)If this is the first time you are going to deploy the sites in production, i'd recommend you to go for
SQL Server back-up & restore way
http://dotnetbuzz.spaces.live.com/blog/cns!F3599E60D988EEB0!279.entry
b) If you have already set the production environment and you want to deploy incremental changes (like deploying a modified site alone), go for STSADM.EXE tool way. It gives you more refined and controlled way to doing things.
c) If you want to schedule the back-up process, go for central administration wizard way.
http://dotnetbuzz.spaces.live.com/blog/cns!F3599E60D988EEB0!267.entry
d)If your site is of type 'collobation portal with publishing feature enabled' leverage the content deployment jobs to push the changes to production.
http://technet2.microsoft.com/Office/en-us/library/edcdacca-8013-460e-95a0-d2b83b6cc7ef1033.mspx mfr=true