Time machine errors

So after few months of successful backups it just stopped to work. Investigated the issue and it seems that Time Machine is unable to determine which are "System files and folders" that is by default defined as exception in Options.
From log perspective it means you get lines like
"FindSystemFiles Finding system files..."
"FindSystemFiles FSOpenIterator failed"
to Console and backup hangs.

This option can be replaced with excluding next items

/Applications
/bin
/Library
/private
/sbin
/System
/usr

like instructed here.

Also my MacBook got new 7200 rpm harddrive. Old one started to make weird noises. Its "hello, I am going to break soon > do something" type of noise. You know it, when you hear it!