The neat thing about backing up on removable media like DVD is that you can burn a few copies and the only thing you lose is about $1 per disc and some of your time. If you think the DVD disc may fail, buy a spindle of discs from 2 different manufacturers and make 2 separate copies. Better yet, make weekly incremental backups and monthly or quarterly "full" backups.
I'm lazy so I usually only make full backups once a year and before major software or hardware upgrades. To keep a slim margin of safety, I keep more current backups of my email, my work folders, and the archive folder where I keep the installation and update patch files for the various programs I use and wouldn't want to have to try to find/download if my hard drive crashed.
Of course, I also "cheat". I have a second hard drive in my main computer that is used for nothing but archiving stuff. I move files I think I want an immediately available copy of to that second hard drive, and I use it for immediate day to day backups of files I use a lot. Every month or so, I archive any new stuff on that second hard drive to CD or DVD.
Backing up to a hard drive is quick and painless but it has some risk of failure that can't be mitigated without "backing up your backups" using some type of media that won't be taken out by the same hazard that may take out your primary storage. One good power spike or lightning strike will wipe anything plugged in, regardless of how good your surge protectors are, even if they're not turned on. I recently accidentally arced a couple hundred volts right through a standard surge protector. If there's enough power, the surge protector simply catches fire as the power runs through your equipment. Luckily I had nothing important on that circuit but I relearned a lesson taught in any good high school science class...