Although so many people have posted similar methods I just thought I would share mine.
I take the cards and dump them to my local HDD.
I then take that and burn it to a DVD, and label it and put it with the rest of the source DVDs. This includes everything and is labeled with a date.
Once I have that, I then go through and toss the worthless photos.
After that, I make another round through to make sure I only have things I really want to use. I then import this in to Picasa.
From here, I will find and edit only a few of them and upload them to Flickr/Facebook/etc. for display.
I also have online backup to back up the remaining collection from the HDD to somewhere. There are many, many cheap ways of doing this. I make mine cheaper by not backing up everything online since I prune it before it gets to that point. You could use Mozy, Crash Plan, or even just pay Google for more Picasa web storage.
If I wanted a more secure backup that included everything, I would probably burn duplicates of the DVD media and put one in a fireproof safe or outside storage. Alternatively to that, I would at a relative’s/friends/co-host location, setup a box, and use rsync or Crash Plan’s software (both free options) to have things backup automatically offsite to HDD.
I only mention Crash Plan because they at least allow you to "seed" your initial storage by sending you a drive to fill and mail back, so you don't hit a bandwidth cap trying to get things started.
Your options for this are so numerous that it all really depends on your own comfort and financial levels.