It makes great sense, however, I would do it a little differently.
C: 80GB partition ONLY for Windows & programs (this will keep it lean, clean, fast & mean). Having it at least 40% empty greatly increases performance.
D: 120GB partition for ALL documents, movies, music, etc (move the documents folder to this drive immediately after Windows installation).
This will keep all personal documents separate from primary drive should you ever need to format C & re-install Windows.
E: 300GB partition for added storage (example: large video files)
F: 500GB partition for backup or future use.
Doing it this way will significantly lower file access times as well as minimize fragmentation on the primary (Windows) partition.
As for backup ... it's always wise to rely on more than one media.
An external HD (as well as using the F drive) would be best.
regards,
Philip T