By reading through some ot the other posts (guess I could have started there before posting), Start / Programs and saw that it appeared to be installed. When i opened it upand selected McAfee Online Backup Status, I get a status update stating that my files had been backed up (33GB) in the last 12 hours. When I clicked "history" I could see the two times it had failed (CancelError2) to backup -- once automatic and once manually. Then I saw that the entire file set had updated on 3/22 via manual start. This first backup took 28 h 52 min, so I guess my "premium broadband" acelerated the process. The whole "1 week 2 day" thing was a bit of an over estimation from McAfee?
My next two updates occured at 4 day intervals and took an average of 2 min.