If you wish to make a complete backup of a large MySql installation and do not have sufficient local storage, you can dump and compress it directly to an Amazon S3 bucket. It's also a good practice to do this without having the DB password as part of the command:
mysqldump -u root -p --host=localhost --opt --skip-lock-tables --single-transaction \
--verbose --hex-blob --routines --triggers --all-databases |
gzip -9 | s3cmd put - s3://s3-bucket/db-server-name.sql.gz
You are prompted for the password, after which the backup starts.