A great place to be!
For easy MySQL failover, replication is a great solution. This post will cover the basics of performing a failover in case your master dies.
First, setup one-way replication (or two-way, but don't plan to use both servers for writes at the same time). Next, you'll want to direct all activity, or at least the writes, to the master. If the master dies, there are two major concerns:
ls -l *bin*
-rw-rw---- 1 mysql mysql 698 2009-10-08 18:24 localhost-bin.000051
Note that the binary log has a size of 698 bytes. Yet the slave only read up to byte position 605. So you can manually execute the activity that the slave missed:
mysqlbinlog --start-position=605 localhost-bin.000051 | mysql -h slave-host-name
You may want to manually get the slave up-to-date before failing over. Or you can keep the slave read-only until you catch the slave up, then turn off read-only by doing SET GLOBAL read_only=0;
You may want to setup replication in both directions (sometimes called "master-master" or two-way replication). This is a tricky setup if both servers are actively doing updates. But if you know that only one of the servers is updating at any one time, then it works quite well. Once you've failed-over to the slave, it is now acting as a master. Any updates done on this server can be replicated back to the other server when it comes back up.
This solution is not perfect and may not be suitable for all situations. There is potential data loss (possibly unknown data loss) if the binary logs are no longer available on the master. For some scenarios it is better to have additional means of failover such as MySQL Cluster or DRBD for localized failures.