Extract iPhone/iPod Touch Backup Created By iTunes Using iPhone Backup Extractor
Apple’s iTunes lets you do many things with your iPhone when connected to your system but the most important being able to backup and restore your iPhone OS along with all the data like contacts, emails, SMS, Call Register etc. in the event of failure during updates or any fatal errors.
iPhone Backup Extractor lets you extract SMS, Contacts, etc from the backup created by iTunes and as readily usable Mac OS X files but the only drawback being this tool is designed to run on Mac OS X Leopard only.This also works with the current version of iTunes 8.1
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Great!
For PC user, try this one:
http://www.ipodrobot.com/itunes-backup-manager.htm
Can also modify the backup files!