I'm in the drives are cheap camp.
I've had hardware RAID's for years (Promise Tech 8 port cards) and they usually worked fine until a hardware failure. This is when they're supposed to shine, but they always seemed to be more trouble than they're worth to rebuild.
Today.. 2tb drives are so cheap.. I have 8 in my station, 4 I use, 4 clones of the ones I use. At any time I can use the disk manager to be right back up and working in just minutes.. without even powering the system down or rebooting.
As a third copy they're backed up via Ghost 15 to my NAS array.. This copy would take time to restore, but not as much rebuilding a RAID array.
My archives are stepped from year, location, date for personal stuff.. or year, client, date for work stuff. Of course they're keyworded.
Right now I'm torn. My original plans were to shop for a sale of 2.5 inch laptop drives, put each years work on each drive, and store them in a fireproof safe as a last resort. I was all set to do this when I started using Amazon S3 storage to relieve the storage on my website. It's so fast and so cheap.. I'll probably choose to go this route. It will take a few weeks to get the initial uploads completed, and then I'll either use Ghost in network mode or what I'd really like is a network capable clone tool so the files are individual stand alone files and not back up files. I'll probably continue to use Amazon S3 for a few more months and if I remain impressed I'll go that route. I recently copied 500gb from S3 to my local workstation as a test and it maintained the full speed my bandwidth allowed which I wasn't using.. it averaged 12-20mbps. Pretty zippy..
Of course I could do the 2.5 inch laptop drives as a off-site fireproof safe last resort AND Amazon S3.. 4 copies is almost prudent if you've suffered the losses I have through the years. If it was possible to screw up and/or have things go wrong, I did each and every one of them..
Still, I can't help but feel cloud storage is the future with bandwidth increasing every year.. 50mbps is common (I can even get that here in Bangkok) in the states and they're talking 100mbps being the norm in a years time. That's faster than my current 2tb drives in my local case!