If i want to do a generic backup for all databases in mongodb, is it that all i have to do is:
$ mongodump
And if i want to restore the latest dump i've created, all i need to do is:
$ mongorestore
The backups are stored in the directory that you have specified with the --out option in command line. If you do not specify any output dir the backup will be placed to ./dump directory. With the mongorestore you have to specify the directory where you have dumped before as a command line argument.
On sharded environment the backup will be flattened if you use mongodump through a mongos. After restore you will have to re-shard the collections. so restoring not always effortless. See documentation: http://docs.mongodb.org/manual/tutorial/backup-small-sharded-cluster-with-mongodump/
You can dump directly the db folders too, check the cli options.
For sharded clusters you can check the possibilities here: http://docs.mongodb.org/manual/administration/backups/#sharded-cluster-backups