@pkgear, is there any remaining questions you need to be answered that Advisor Skunkape hasn't already explained?
In short the SGS3 is an awesome device stock. Rooting is not a necessary option unless you are thinking about doing as you explained like full device backups or individual/custom backup's of apps & the data associated with them. My wife has a SGS 3 and tell ya the truth its the first device in a long time that I can honestly say aside from rooting for backup purposes I could live with the stock OS as is.
If you do decide to take on the task of rooting Skunkape has written up some great guides and how to's here in the Sprint Rooting & Hacking forums for you too look over. Questions, chances are they have already been mentioned and answered in those threads but still your free to ask questions if need be.
Just so your not confused the sd card question. On the SGS 3 and many other devices they have 2 storage options. First is the internal storage card which in the case of most devices is either 8/16/32 GB options and this is NOT REMOVABLE. Then you have external or "removable" storage by means of a micro sdcard which can also vary in size, in case of the SGS 3 you can put a 64 GB card max. In case you don't know, you have to purchase the external/removable sdcard separately. Both areas will be referred to as sdcard, external/internal sdcard in every day conversation.
Hope this helps clear things up a bit more and good luck in whatever path you choose to take, were here to help