I use two scripts to back up my VPS (hosted on Linode, but the same should work on Rackspace).
First, for mysql backup, I use the automysqlbackup script. It takes care of dumping your databases, compressing them, and maintaining several daily/weekly/monthly copies of the backup files. It can also email you the compressed .sql dumps as well.
For general filesystem backup, I use duplicity - this can use a number of different storage backends (ftp, scp, nfs, etc), but I choose to use the Amazon S3 backend. Duplicity will do either full or incremental backups depending on your need. It will also handle compression of your backup files as well as encryption if you so desire.