Microsoft has an article about this, but the answer is no they did not program this into XP.
However one could use ACRONIS (google that) to make a copy of the drive and send it elsewhere. The one flaw I see is that hard disks are temporary storage and if your system suffered a lightning strike, flood, theft, virus or other catastrophe then your plan falls apart.
What do I do?
I don't backup the hard disk. I only care about files I can't lose. I can always install the OS, programs and such or find replacements so those are not what I fret over.
I'm aware what it is for, but was curious, could a system restore by forwarded to another hard drive in the same system? It would seem to me to be the perfect backup, in the event of the original primary hd should go kaput. I've tried sr once, but it seems to only give you the option of naming your latest sr point on the calender.