Backups in Today's World

Like many people in today's world I have an absolutely enormous amount of data stored on my various hard drives. Aside from my 320 GB+ of iTunes music and video, there's a significant number of photographs and well over 150 gigs of captured and rendered video. There's also the code for almost every software development project I've ever worked on. The databases for my current projects will also exist and some are so large that a local backup would be far more beneficial that trying to FTP 5 gigs of data down. All this stuff needs to be backed up, but of course DVDs are out (even the dual layer ones) because they store less than 10 gigs each. Even with two dual layer DVD burners in my Mac Pro I'd have to sit here for who knows how long putting in almost 50 blank discs every month. I'm very curious. What are most people with hundreds of gigs of stuff using to back up their data? Is tape backup still around these days? Would a 750 GB or 1 TB drive in an external FireWire 800 enclosure be my best bet? Any advice would be appreciated.

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