Backup Reports are sent out on the hour every hour. This means that any jobs that occurred within the last hour will have their reports sent out on the next following :00. For example, if a backup occurred at 9:30PM and only took 10 minutes, you would receive the report at 10:00 PM
You will receive a detailed report of the sheduled or manual backup at the end of each backup job.
You will be able to tell with a quick glance if there were any issues.
Due to the subject lines for the reports you can use e-mail handling rules to automatically archive completely successful jobs, and/or highlight/forward jobs that did not run successfully or were missed.