WD Backup does allow for backing up data onto a Dropbox account (not included), however. You can't backup the entire system, either, to restore in case you need to replace the hard drive of the computer.
Unfortunately, you can't change the backup frequency any further and there's no longer the option to backup each time you make changes to the computer. It allows you to pick what files and folders on the local drive that you want to backup (by default the data of the current user's profile is select), after that it will automatically perform the backup every hour, everyday or every month. WD Backup is now much more simple to use.
The WD Backup software, available only for Windows, is the replacement of the WD SmartWare, normally bundled with previous portable drives from WD. You don't need to install any of these to use the drive but they adds a lot more value to the drive, especially for Windows users. The new My Passport Ultra is preloaded with WD Backup, WD Security, WD Utilities applications.