We used to use LTO, and it was OK for a while, but we switched to using removable hard drives and rsync a long time ago and haven't regretted it one bit.
We're every bit as paranoid as the next guy (there *might* be some more paranoid, but not many).
We've pulled 10 year old hard drives off the shelf before and recovered things no problem. Our rotation won't ever require us to actually do that, but we have tested it a number of times and things worked great.
What we do though, is periodically update our archived copies to newer media when we update our removable drives.. Often times, this allows us to merge old archive media onto fewer drives saving us a lot of space in the long run. We do have multiple copies, including 3 sets that are permanently online in different locations, and a number of offline sets.. As our backups age, we reduce the number of copies we keep offline, but never go below 3 offline copies of any given data.
The real reason that this is fantastic though, isn't that it backs up so much faster (it does, because after a drive has rsync'd once, there usually aren't many changed files compared to the bulk of the rest of the data). The real reason that this is fantastic isn't because we save space and reduce our need to have old hardware with SCSI interfaces etc (it does though). The real reason this is fantastic isn't because when you take older/smaller drives out of the loop, you can actually repurpose them (you can though.. what are you going to do with a bunch of left-over too small LTO tapes).
The real reason that this is fantastic, is that in the event of a catastrophe, you can get things up and running very quickly. If you're really in a panic, you can boot off of the drive that is that backup disk because we add an OS to them when we prep the drives. You just need any old POS PC with SATA on it and a copy of the file used for decryption, and you can be up and running in minutes. Even for the lighter weight emergencies random access to your data is still quite priceless. You can go directly to the file you need, or even multiple versions of it, instead of waiting for tape media to scan.
In short, yes. LTO is dead whether it knows it yet or not.