Yes, I suggested genie-soft backup manager above. This program already has the architecture and the plugins. Plus, its not to hard to create your own!

And Backup4All does have the same, as mentioned previously. The only way to monitor settings used by software is by monitoring installation and usage manually during a certain period of time. Relying on automatic methods would cause every setting to be located deep into a bunch of other changes and additions to the registry and the filesystem. Fortunately, most apps are quite easy to monitor, so it shouldn't take much time to write plugins for most apps.

Adobe and Microsoft software is another story, though...

EDIT: OK, I overlook the second page . Although easy in nature, that would demand some cooperation from software authors providing documentation about the settings used by the program. Most registry entries are easily figured, but some others are misleading. Implementing later plugins for backing up those settings would be trivial. The plugins should provide information about the location of the settings of the registry to back up, and what is controlled by those settings. The program would parse that and generate a tree list, with checkboxes for the different settings entries, and which part of the program they handle. You select what you want and zip!, backup created.

Anyway, if the software world moves towards file-based settings, things like this would become much easier. For now, the best solution is either imaging the whole drive, or backing up settings manually with a registry editor

what about Winret?
That's what I have used

Using this program you can backup third-party Drivers, System and Program settings, Shortcuts, Outlook Express folders and restore them all at a later time, also this program improves Windows and IE performance and make your work in it more comfortable.

http://www.majorgeeks.com/WinRet_d3909.html