you're probably more than aware of the following already:
DOCUMENTATION: Differences between the directives System_State:\ and Shadow Copy Components:\
http://seer.entsupport.symantec.com/docs/275931.htm
More about backing up System State can be found on Microsoft.com
e.g.
"...
you can optionally back up the system state in the Windows 2000 Backup program to back up and restore critical system data. When you choose to back up the system state on a domain controller, the following items are included:
-
Active Directory (NTDS)
-
The boot files
-
The COM+ class registration database
-
The registry
-
The system volume (SYSVOL)
When you back up the system state on a non-domain controller, the following items are included:
-
The Boot file
-
The COM+ class registration database
-
The registry
When you back up a member server or domain controller with Certificate Server installed, the following additional item is also included:
..."
"...
For full disaster recovery, back up all of the drives and the System State data.
..."
I suppose at the end of the day it would depend upon what the policy was hoped to achieve when it was initially set up