A couple of other thoughts:
1. If the database is on an LVM partition and you use InnoDB, you can perform hot snapshot backups using lvm and let InnoDB handle recovery from its logs (if a restore is ever needed).
Setting up InnoDB to have one file per table might ease backups too.
2. You could have a MySQL slave and make your mysqldump backups from that without any write-lock issues.
http://mike.kruckenberg.com/archives/20 ... ups_u.html
http://www.scribd.com/doc/3920492/Read- ... QL-Edition
This second link is simply an awesome resource and mentions both concepts.