You don't even need your own engineering to do better than daily mysqldumps. Run your MySQL instance on Amazon RDS and you get synchronous replication to a hot standby instance (that's not MySQL's async replication, no delay and no overhead), and the ability to take consistent snapshots from the standby server at any time. The snapshots will be incremental since they live on S3 where duplicate chunks aren't duplicated, and don't load your database server while they're taken because they're copied off the standby.