Archiving is indeed a headache now if your work-flow is tapeless ( pull off an SxS or CF card onto a hard drive, edit then out to broadcast) - we have just got one of the first of these in the UK:
http://www.usa.canon.com/dlc/controller?act=GetArticleAct&articleID=3407 At 50Mbps MPEG-2 4:2:2 1080/50i (1920 x 1080), onto UDMA CF cards it will gobble around 32GB in 80 mins.
An archive is important for us, but Blu-Ray (a hassle) or server based storage are the only viable options... at a big expense. So tapeless work-flow is wonderful but there are trade-offs.
The same will be true in domestic set-ups as discussed earlier. DVD's do not last as long as tape stored correctly and are a tad more unreliable. I have had umpteen bad optical discs since they were invented and only four yes 4 bad professional tapes in 30 years.
If you want to easily, cheaply and safely keep all that you have shot - stick with well stored tape formats. If you only want to keep your "edited highlights" a hard drive camcorder and DVDs ( maybe burn two on quality media) will be fine.