I've been using the built in image tools for a while now. I've successfully backed up and restored with the Windows 7 tool many times (although there is a bug that requires switching to IDE in your BIOS before doing a restore unless you want it to take days).
I recently upgraded to Win 8. After I had my core programs installed, I did make an image (although it took me a few minutes to find the option since it's now buried in a weird place in the control panel). I didn't have any problems, although my OS drive (SSD) is much smaller than OP's.
firstname.lastname@example.org (NH-D14), P8Z77-V Pro, MSI GTX 780Ti Gaming, 16GB Patriot Viper 2133, 2x 480GB Sandisk Extreme Pro, EVGA SuperNOVA 750 G2, Define XL R2, Realforce 87u 55g, G400s, X-star DP2710@100Hz, Audioengine D1, Sennheiser HD598