Strategy question for 24X7, how to do cold backups?

All web clients want a 24X7 solution. Immediately, hot backups are needed. But, then, for a true 24X7, one must keep a copy of all of the redo logs from day one and a recovery would take quite awhile (Maybe I'm wrong here and the question is moot). On google, I am reading that one strategy is to configure a standby database where the current database's redo logs are applied against the standby. Then, if done correctly, a cold backup is never needed? Even if it is, the standby can be used to produce the cold backup?

Am I on the correct path to the #1 solution for this and are there other options as well for actually achieving 24X7?

Thanks.

-- 
Galen Boyer
Everyone in town, now, they probably all agree,
I'm _lying_ in the bed I made.