1. The computer will be re-imaged once per year to restore the system to "Factory Freshness".I, too, use the
EASEUS disk tools now.
(I used Norton Ghost for a long time before that tho. I stopped when 1) I got sick of Symantec putting "malware" on my machine with it, and 2) It got too expensive, given the free equivalent choices that became available.)However... I no longer image drives "actively." Instead I disconnect the drive (or remove it) and connect it to a USB HDD device running on another computer.
(This is about the only way I know of to get a true "static" image of a disk "as-is." I welcome any other alternatives that anyone's used.)The only drawback with this method is that it is much slower than disk-to-disk directly within a machine, but since I usually run such things overnight, it's never been a problem for me.
(USB3 has helped somewhat, but in the end it turns out that few of the systems I've dealt with allow that advantage to be applied.... Only "computer speed freak" seem to have sought them out and installed them, and most of them can image their own drives.... 
)2. After finishing the imaging process, all OS updates & relevant program updates will be installed.I create my own (slipstream) Windows CDs with the updates, so I use those.
3. A new image will be created for use in the following year.Heh. I make an image (see #1) of the finished, updated, rebuilt system and store THAT in a hidden partition at the end of the drive (where space allows, which it usually does for non-geeks.) For some folks I also put a copy of that image on an off-line drive. (Either mine, or one of their own.)
4. A backup application will restore all personal files.With the exception of "Personal stuff" (i.e. "User Profiles," et al) I never install/use a backup program any more.
(Note: I end up only setting such a thing up for someone that does a fair amount of "data creation" outside their Windows User Profile space (usu the C drive.) E.g. If someone puts their photos on another (logical) drive, or such, but most people that do that also know to back it up themselves.) Hence I rarely use/install "Backup Software" for folks, and when I do it's usually on an external/portable drive.
Oh, and if there's a lot of free disk space on the computer, I also squirrel away a backup of each of the machine's active User Profiles on another hidden partition, too. This has turned out to be the most helpful trick I know, since the greater majority of user's stuff -
that they want to get back! - is there. Not having to extract it from the full image is a REAL time saver!
(It also totally freaks people out that I can get their stuff back so quickly, too! 
)
* Is there a FREE imaging application that you would recommend for personal/home use? EASEUS disk tools (var)
* Is there an imaging application less than $40 that you would recommend for business use? EASEUS disk tools (var)
* Is it possible to (slipstream) add updates into an image without having to create a new image?Not that I know of....
* Is there anything important to keep in mind when re-imaging a system?Um, YES!: Check that the new image is good before wiping the original source stuff!!! (I usually "try" it out from a new partition, hiding the original (boot) partition and directing the "test" to the new boot partition instead. (Note: If successful, and if a large enough disk, you can just leave it that way and thus you already have a "backup" on the drive if needed!
)
* What type of media would you encourage be used for storing images? (i.e. DVDs, External Hard Drive, Online/Cloud, etc...)External HDD, in my safety deposit box....
