Where are the back-ups?

Where or in what format are the backups from Backup stored? I downloaded
the software (after signing up for a full .mac account) and backed up
about 40GB, however, all I can find as evidence of the backup is some
stuff under ~/Library/Application Sup****t/Bakup/Backup Library/

What is there isn't very big at all (I want to archive it and ****ft it
to another machine), but the disk space that has disappeared matches the
amount of data that was backed up... so where did it go?!

Thank you for any help you can give with this.

	Justin.

-- 
Justin C, by the sea.