Intuit seemingly has indeed improved their backing up system, but it'll require some getting used to. Unfortunaely you cannot simply edit the backup path in the dialog box, but have to use the "change" button and navigate through the directory trees.
I found this simpler with the Q2008 dialog, where I had 2 different paths for 2 different backup locations, one on a network attached drive (WD- MyBook), and one on another networked computer. By "mapping" the directories for these 2 backup locations to drives with different drive letters on this machine, I only had to change the drive letter to get my backups to 2 different locations.