For folks who aren't wedded to Time Machine itself, I've found CrashPlan ($25/seat) to do a pretty good job of cross-platform, Time-Machine-like, peer-to-peer backup between Mac, Windows, and Linux servers - with the added advantage of off-site backups (for a fee, from them, or for free, from your friends - who don't have to buy CrashPlan either).
Like Time Machine, it appears to use the FSEvents system to back up only the changed files. (On Linux, it uses inotify, but that has some bugs; on Windows, I think it may use Shadow Volume Copy or something like that.) I have the VMWare volumes excluded on the Mac, and then I have them back themselves up directly from the guest OS to my server. This has the advantage of file-level granularity on your Windows files, just like your Mac files. It stores only the portions of the files that have changed, in an xdelta-like format, so it's highly compressed and deduplicated (kinda like git). I sprang for the Pro version, which at $60 can keep any number of previous versions for any number of days, so you've really got point-in-time restore as far back as you want it. Best: It regularly checks the integrity of the backups. Anyone who's tried to do tape backups has discovered the joy of a corrupted backup file.
Downsides: It's a CPU hog, even on the 64-bit Java 6 VM. You can set it to limit its own CPU when you're at the keyboard, but obviously, that slows down your backups, and it doesn't seem entirely accurate; on an 8-core Mac Pro, I've seen it use up 100% of a core even when it was theoretically limited to less than that. There's an upgrade coming in the next few weeks that's supposed to offer 400% faster backups with 30% CPU, so that may get better.
Also, the UI for restoring is a bit clunky, and forces you to go date-first, rather than tree-first; if you know you need an older version of a file, but don't know what the last "known good" version was, you're in for a lot of mousing. It has had a number of bugs (fewer lately) that cause it to lose track of which files have actually changed. This doesn't cause any problems, since your backup peer will store only the changed bytes (=0 bytes), but it does make the CPU problems worse, and waste a lot of disk and network bandwidth.
There are free automatic updates every few months, but they're forced and unannounced, which gives me the willies a bit. (I don't know if the enterprise version has more control over that. BTW, the enterprise version is named "Pro Server", not to be confused with the home "Pro" version I bought, which of course has a server component as well..) Also, although your backups are encrypted, the logs (which are apparently either sent to, or retrievable by, their support team) have your filename and pathnames in them, which is a pretty big privacy leak that I've alerted them to.
That said, having once done a complete tour of EVERY Windows backup solution, from free to $10K, and finding them all pathetically lacking and buggy, and nonetheless having bought my own DDS-4 drive and, later, VXA-2 10-tape carousel, and nonetheless still having had to send drives off to OnTrack three or four times... CrashPlan is the best damn backup I've seen, and the only one that's been hands-free enough to use and rely on, and for under $100 it's crazy.