I already knew the lossy part, but is there anyway to keep it from "losing" anymore data? Maybe not completely or forever but to just try and make it last longer.
Transfer the data to archive media instead, the sooner the better.
I guess for long term storage, dry climate paired with stable temperatures is your best bet.
The biggest risk with MD is that the TOC gets corrupt, which jeopardizes the entire disk. No access to the data, even if the recording is still there physically. Happened to me after one gig (Orbital at Roskilde Festival 1999, someone poured a mug of water over my gearbag). The recording was gone gone gone.
After that I moved to lossless. ;-)
/Jan