Thanks David. As per your advice I modified my wp-config.php and uploaded it. I re-ran the backup and it went much faster although it looks like there may have been a hiccup. I have pasted a new log file at http://pastebin.com/VvKAbXfA
Could you please take a quick look and see if the backup looks alright?
As for the server's performance I would have to contact my host. I did log in and verify that I am only using 0.5 out of an allocated 10 GB so capacity is not the problem. The only other thing I can think of is that I have 3 WordPress installations. But they are each under their own domain, in their own database, and I only have UpDraft on this one.
Oh and I did get a "Backup Succeeded" e-Mail as well.
Thanks.
-Scott