No you cannot do that. They don't even restore your start screen configuration. you cannot restore with WiFi - only on cellular network, you can only choose to restore when first set up your phone. You cannot have multiple backups. Operating system settings will be selectively restored - not much. It's pretty useless compared with iPhone (no experience with Android backup so cannot say that). By the way not like windows 8, games' progresses are not synced.
Originally Posted by autumnride
Yes, that SkyDrive backup is the only way.