Time Machine Backups on a networked Volume

Recently I bought a new 2TB external Hard Drive for my Media Server, which is a Mac Mini unit and while it is a good drive to store media content I wanted to do more with it. I figured I'd put it to good use by making it also a Time Machine Backup Drive and I wanted it a networked one. While it is an easy task to complete locally, I quickly found out that for a networked Time Machine backup solution, last were written when OS Tiger was King, but I'll be using OS Lion (10.7.3).