If you're storing anything besides DVDs that need to be capable of direct casual playback on a DVD player, you're better off just burning the files (or even the .iso file of a DVD) to a non-LTH BD-R disc.
M-Disc is just a non-LTH BD-R with DVD geometry. It's an elegant solution for preserving DVDs in a way that gives you the best of both non-LTH BD-R and casual playability of a DVD, but it's stupid to spend M-disc prices for bulk data backup, including digital photos, when you can buy a brand new BD-R drive and two 25-gig non-LTH discs for what you'll spend on a 10-pack of 5-gig M-discs alone.
There's nothing exotic about BD-R anymore. DL and 3L BD-R discs are pretty expensive, but single-layer 25-gig non-LTH BD-R discs are cheap online, and an OEM-wrapped bare drive with software bundle costs maybe $50 more than a DVD+/-RW drive. And if you have a laptop that doesn't officially have a BD-R drive, you can probably buy a bare drive on eBay and swap it out yourself as long as your computer isn't a Macbook or weird ultra-ultra-thin PC notebook. For more normal laptops, there are basically two optical-drive form factors with two loading-forms (tray or slot). As long as you don't mind cannibalizing the bezel from the laptop's original drive, the hardest part of the whole thing is the bezel swap.
One warning: 95% or more of the BD-R discs you'll find at any retail store (Best Buy, Tiger Direct, etc) are going to be LTH, and manufacturers don't exactly bend over backwards to make it obvious that the discs in a package ARE LTH type. Make sure you consult Google -- or at least Newegg -- before buying blanks, and if the discs are less than a buck apiece, they're almost GUARANTEED to be LTH.
If you use LTH discs, all longevity bets are off. LTH discs are inferior junk made with cheap organic dye, just like DVD+/-R discs are. LTH discs exist for exactly one reason -- cost reduction. Genuine phase-change discs aren't cheap to manufacture, disc manufacturers spent lots of money tooling up to make blank DVD media based on organic dyes, and LTH lets them repurpose it for making cheap BD-R media. If you're burning a disc that only has to last until next week, go ahead & use LTH. If you're burning a disc that you want to be readable (at least, without expensive data recovery and bit rot) 25 years from now, spend a few bucks more on phase-change media.