TIMESOFTWARE FRANKOF, requiring to turn Time Machine OFF was the only sensible solution to solve the issues on Snow Leopard. The built-in mechanism of Time Machine relies on doing hourly backups in several places which would have been impossible to workaround without doing really nasty hacks to your system that you really don't want.
Now you shouldn't be alarmed at all about this daemon since this is exactly the way the built-in mechanism works. TimeMachineEditor used to modify the system daemons configuration files, now the system daemons are disabled and TimeMachineEditor uses its own configuration file. And note that the daemon is the backupd-helper process from Apple and it is only launched at schedule time (nothing is running all the time in the background).
Believe me, this was the best solution.
(Version 2.5)