Yes, you can still use that code to set the specific time. I've edited that post to remove some extraneous backslashes that had appeared for some reason.

The regularity is entirely up to WordPress's built-in cron system.

I saw this thread when searching for the answer. Is the posted code still valid with the new release, or is there another change I should made? It would thrill me in ways you couldn't BEGIN to imagine to know that if I don't have all my backups by noon, there's a problem.

Also, the backup isn't happening as regularly as it should be (I have them set to daily) but have yet to determine any rhyme or reason to the backups not emailing. I'm thinking it may be because I'm having them emailed to a different email address. In the "immediate backup" section is the blog's admin email, and in the "scheduled backup" section is the address I want the backups sent to. Your thoughts?

Thanks so much for an awesome plugin!

There\'s no simple way to change the plugin to do that. I\'ll make it a feature in future versions, though I won\'t make it obvious, as there are several reasons why that\'s a bad idea.

http://dev.wp-plugins.org/ticket/595

I have opened a ticket and will make this a feature in a future version: http://dev.wp-plugins.org/ticket/594

For now, you can hack this change in the plugin pretty easily.
Change line 717 in the plugin from
wp_schedule_event(time() + $interval,$name,'wp_db_backup_cron');
to
wp_schedule_event(strtotime('tomorrow 3:00 AM') + $interval, $name,'wp_db_backup_cron');

When I schedule a daily backup, it schedules for now + 24 hours. Is there a way to schedule the backup to occur at a particular time (e.g., 11pm) without having to be at my computer at 11pm to schedule it?

WordPress Database Backup 2.0
WordPress 2.1

How would I go about modifying the plugin to automatically backup to the server on a schedule, instead of emailing it to myself?