With help from this article and by gathering some rpm's I've succeeded in installing and using Mondo Rescue.
Mondo Rescue creates a bootable backup contaning all file-systems, but without /home. Together with the usual backups, this should be a complete recovery-set, so no re-install and re-applying all those little changes. This is also the best way to transfer the complete installation to another machine without re-installing.
To get it all working, I needed to install the following rpm's:
Most of these you can find on the RedHat 7.1 cd's , only the last one was a bit harder to find.
Backup works just fine, just a bit slow though.