I made this backup immediately after I got root, before I did anything else, to make absolutely sure I wouldn't be SOL if anything went awry. I've made absolutely certain this works, by unzipping and flashing on my own Continuum prior to uploading. It contains the system, recovery, and kernel partitions.
This file is also helpful if you need to get back to stock for warranty purposes, in which case you can manually un-root by using your favorite file explorer (I happen to prefer ES File Explorer), grant root permissions, mount system as rw, then manually delete SuperUser from /system/apps, su from /system/bin, and busybox from /systen/xbin. I hope this helps some of you who have been stuck.
You don't need to be rooted to flash this. Simply unzip, flash the .tar.md5, and you're golden. If you end up in restore mode after flashing, you probably need to do a hard reset, but this is unlikely as I tested it by flashing this a few times after installing various programs from the Market and never had to do a hard reset.
Don't forget to put your phone in Download mode by removing the battery, then holding the vol down button while inserting the usb cable. Good luck!