As far as storage to medium, seems like there are a variety of preferences. Some like storing to DVDs, but I'm not doing that anymore and I personally advise against it because I'm having fairly high DVD failure rates after only five years of storage...on the order of 1 out of 30 to 50 DVDs are unreadable. That's unacceptable to me.
I have moved to hard drive storage with redundant back-up drives. I'm up to I think six 1TB drives, but you can start with any size drive, as long as you back-up your data onto a separate drive. The idea here is to save your master recording onto a drive and back it up onto another drive and store that drive in a separate place...at work or at a relative's house. This protects your master recordings against both natural disasters and hard drive disasters. Update your back up drive every so often so that you have frequent back-ups.
So many people complain that they don't trust hard drives with their data...and they use that as a reason why they prefer the physical media of DVD or CDR. I just think that's silly, short sighted thinking. All drives fail...but as I've said DVDs and CDRs fail too. The key to long-term data retention is BACKING IT UP, so that when your medio does fail (did I mention that it will eventially fail?) you're safe. The other key is that, as soon as you do have a drive failure, restore your redundancy ASAP by going out and buying another drive to replace the drive that failed.
Using this method of data management, you should never risk losing your master recordings.