I'm just in the process of moving my managed library to referenced on my new Drobo. Now my Aperture library will still contain the previews and thumbnails in JPEG form, it just won't have the RAW files in there. From what I've seen, when you create a vault of a referenced library, it still contains the Preview JPEGS (IIRC in a managed library the vault doesn't back-up the previews and thumbnails, to reduce its size)
If I can get the library size small enough, I think it may be possible to put a vault on my iDisc, which would give me instant offsite backup of my high quality previews. Ok they aren't the original quality, but with family photo's for example, so long as they look good on a decent monitor, they will suffice.
I'll still be doing a full offsite backup of my referenced originals on an external hard drive.