Tape media's greatest benefit is its long storage life. Providing you have the equipment to do it, you could read a tape created 25 years ago.
Tape media's greatest liability is its long storage life. Will you be able to find equipment to read it 25 years from now? If not, you have what we call write-only media.
I think that tape is going to disappear as a viable storage medium, at least in the small business sector. The equipment and media is expensive, and most small businesses don't have the resources to employ someone trained in proper media management.
The replacement is going to be offsite storage farms, whether from a third-party cloud provider, or farms owned by the company that needs the backups. As the per-byte cost of disk storage continually and rapidly falls and wide-area network (Internet) bandwidth increases, offsite/online backups are becoming more and more feasible. Data deduplication and image management software technologies mean that a company can have daily backups completely automated and available as far back as they want. Restoring a file or two from these backups is quick and easy. My company already supports several small businesses using this backup technology; as existing tape drives fail they are seldom being replaced with more tape hardware.
The downside of offsite/online backups is that bare-metal recovery of a failed system from those backups is still extremely time-consuming. Eventually the bandwidth will become available to make it viable; until then tape still seems to be the best option for bare-metal recovery.