Limiting Disk Space Used by Time Machine

via scottbourne: Time Machine is a great utility for backing up your Mac automatically. It has one problem: left to itself, Time Machine will slowly consume all of your available hard drive space. Isn’t there a way to control this? Help is available from a “DroboApp” named Time Tamer.
The Time Tamer DroboApp is actually an OS X Automator script. It allows the user the control how much disk space is available to Time Machine. The app is free, and - even better - it will work with any disk drive, even if you don’t own a Drobo.