I know that feeling - it's as if the floor vanishes from under your feet and your heart sinks...
Leaned it the hard way when I first started working with computers. I'd saved all my Cakewalk work files to a couple of 120 Mb floppies.
I's tested them, re-opening each project directly from the floppies. I never realized that the wrk files were only pointing to the data on my hard drive, so I erased everything. Months of work - all my projects. Gone.
Earlier this year, I realized that probably just like Dave I had accidentally erased all the content of MIDI tracks in project - and I'd been working on those for weeks. My most recent back up dated from a few hours, so all wasn't lost, but I was still losing an entire evening worth of hard work.
BUT, I had Time Machine enabled, which updates/creates back ups every hour. Basically, you let it creates one huge back up of your system the first time you run it and then it create hourly revision based on which files you modify. So I went back one hour in time and retrieved my work.
I used to disable TM and only enable it every now and then, but ever since that night, I very rarely turn it off and I couldn't imagine myself w/o it or an equivalent.