That is way much indeed. I recently clean installed 3.12 and I have 166 MB in total and 20.7 MB for the repair folder. It looks like you probably have several versions of the back up files. You could consider erasing the older versions and keep the latest.
In case you want to consider a clean install keep this clean up tool in the back of your head.
Mine is 271mb with 119 in the repair folder. There is a bases.cav file in repair that is 102mb by itself and dated 9/17/2009. I did not do a clean install I just updated from 3.11. I suppose I could delete that bases file?