Back in the olden days, disc drives got big faster than DOS could handle them. My first hard drive was 40 MB (about what a basic cell phone has now) but no disc letter could be bigger than 32 MB, so I had a C: and D: drive. Then I became aware of the 2 GB barrier when my 6.4 GB machine came with C:, D:, E:, and F: drives. Now that Windows can handle something like 4 TB and assign space on multiple physical drives the same letter, there's no need to partition any more, is there?
If I am building a single-user desktop computer with 80 GB or more of disc space, I typically create 3 partitions. The boot drive should be 30-50 GB which is sufficient (at the moment) to hold Windows, a typical suite of Program Files, and personal configurations. Then I create a backup drive of 40%-100% the size of the boot drive. The remainder of the space is designated a data drive.
I prefer to have a separate data partition because it makes it easier to organize and share your data among multiple users. If it's on a different physicial disc, all the better.
Practically, the only place on the boot drive for user files is the Documents and Settings folder. If you want to share data with other users, you have to navigate to c:\Documents and Settings\All Users\Documents every time you save or open a file. Wouldn't it be easier just to go to e:\Bookkeeping?
On the backup drive, I create a full-system image of the boot drive and installed programs before I deliver it to the user. Then, if the system gets completely corrupted, I can readily return it to "like-new" condition. Depending on available space, I may also use this drive for instantaneous backups, temporary files, or to hold entire program or data CDs. Remember, because it's physically in your computer, this does not qualify for "protect my data against catastrophe" backups.
Your boot drive and data drive should be formated as NTFS for security and stability. I like to format the backup drive as FAT32 because if Windows gets corrupted, it's still readable from a floppy boot. However, if you're creating full-system backups with Windows Backup, a FAT32 drive will not do because it is limited to a maximum file size of 4 GB.
Be sure to temper my "standards" with your use of the computer. Depending on your programs and data files, you may have a need of a single huge disc or more backup capacity.