Sonic,
We create VPS backups every other night and store them on remote servers. So, even in the case if disk array will die for whatever reason we will be able to bring your VPS back online from the latest available backup.
You can also see a list of available backups right in your VZPP. Please do not remove backups from there or there is a chance that we won't be able to restore anything if customer kills VPS backups through VZPP and physical machine will suddenly die.
Regards,
Paul