It depends what you want to be doing with it.
Streaming movies, can be a minimal load, or it can be very demanding:
Streaming high-bit rate material (e.g. blu-ray data rate material) to a low-end media player (e.g. a WDTV live) is extremely demanding, and requires very fast response times (even an out-of-the box linux server installation on a C2Q won't achieve fast enough performance!! The system will need to be tweaked for low latency). As it is I have a QNAP (a 410 model - so significantly slower than the 219p+), and was able to tune it so that 40 Mbps material could be streamed reliably to a WDTV live, even with multiple simultaneous PC users.
Streaming 720p or SD material is much less stressful. However, a wireless link is barely adequate for 720p, and unsuitable for 1080p.
Printer sharing on these linux type NAS boxes is a bit flaky. Yes, it works. But you don't get the ink-status reports, etc. on the PCs. You also need to make sure that your printer is on the compatability list. Good luck if you printer isn't there (believe me, you'll need it).
Backup works fine, just be aware that if you have a lot of data you want to back up (several TB) it can take days to transfer.
The QNAP has the advantage that it is a substantially more powerful machine. It uses a significantly faster processor (1.6 GHz, compared to a 1.2 GHz) and has considerably more RAM (512 MB, compared to 128 MB in the synology). The QNAP has a number of supported add-on applications, including download tools (e.g. if you want to download large files, the qnap can do it autonomously, instead of leaving your PC on overnight). While synology do offer such a package, 128 MB RAM is too little to be useful, and such software runs like ass, and cripples the whole box.
You may find the extra speed (due to better CPU and more RAM for caching) useful if you are handling lots of smaller files (e.g. word documents, etc.). Managing directories with hundreds of files in is likely to be intolerable with the DS211.
The QNAP also provides a linux console - so you can configure/customize it as you wish (assuming you know how to use the linux command line).
Is the QNAP worth the higher price? I can't tell you - it all depends on how you will be using it.