I'm wondering if anyone else is having this problem. There is no back up option in my iTunes. Firmware 4.2.6, iTunes 10.2. I also get an "0xFD72BES" error.
To restore from a backup you will restore the iPhone first. This will reinstall the OS. Then it will ask if you want to setup the iPhone as new or from a backup and should list your backup dates and times you can select.
There is no specific option to backup