I recently converted my collection to DNG. I go with a mix of local (Timecapsule) and cloud (www.backblaze.com
- $5/month) backup. The local drive is mostly for quick recovery of the OS, while the online backup is in case the house burns down.
Another option would be a USB hard drive that you periodically send to someone you don't live with. But the cost of that over time is probably similar to a cheap online backup solution. I agree that DVDs give a false sense of confidence. Backup offsite and make a point of verifying your backups every once in a while. Expect to change formats every ten years or so.