So many replies to so much great info here at TTD.
A agree with phantophish on many points. One being the idea of saving to 10" 160K floppy drives. Takes too long - too many disks. Truth is, that anchent, magnetic, 10" floppy disk, packed chock full of 160 big kilobytes of data, still works today. It's magnetic storage. Those optical disks don't do nearly as well. The moment they are written they already contain errors. They depend on an error correction scheme that (I believe,) relies on checksums, to correct those errors. That data correction alogrythm info is stored on the drive's firmware, and just about the data on the disk would all be corrupt without it. (It actualy is corrupt, it's relying on what SHOULD only be relied on as a safty net.) Magnetic media is so much more stable and accurate. (read, closer to bit-perfect copies.)
Standard rotational (not SSD) disks rely on magnetic technology. So does tape backup. So do those original big floppies and Winchester drives. Physics hasn't changed. It's still better than optical technologies. (Including BluRay and HDDVD.) Storage on these magnetic drives is CHEAP too. Multiple externals is a great way to go. An e-SATA docking station makes for one or two docks in most cases, and there are two drive units available. Read, two drives in one dock both accessable concurently. Keep one of your external backups offline when the backup is done, and put it out in the shed. An airtight box with some silica gel packs is essential in that circumstance. Keep it at a trusted neigbor or family member's house. Storage unit of you pay for one of those. Safe deposit box if it's super-critical data, ect. The idea as basic and it's exact execution has many options. Detached garage? Not as good as another residence or office space, but better than nuttin'.
I say physical drives you yourself can put your hands on also, because in my world the idea here is not only to have critical data safe & available, but to be able to retrive it and access it FAST.
Definately consider a RAID 1 array in your server, main, or only machine. If the only machine available is a laptop, consider a RAID 1 external solution.
rastasean makes a great point too.
-JT