I have the same problem as this thread, I have many GB of images and while I want to migrate them to S3 from what I have read the migration script seems a bit buggy still. So, I still have images locally but am running out of disk space given the high ceiling needed to allow a backup. Even if I could delete the old backup before creating the new one it would be OK for me. In fact I have been doing that manually.
Note that the backup system also seems to be failing me on the free disk space calculation, it will fill up the whole disk before giving up, and not even delete the partial files. Then the whole computer gets unhappy. There should be a calculation to not do a backup if there is no disk space for it, taking into account the space needed for the compression etc.
Edit: I am going to run a cron job which will delete the (sole) local backup every day. That should solve my immediate problem, but I think it would also be nice to have an option to immediately delete any (local) backup that was already successfully copied to S3.