I've been doing this for a long time, and have settled on the concept of a long term data archive for this purpose. It contains approximately half a terabyte of data that I consider to be 'important', and a few hundred megabytes of data that I consider 'very important'.
The first thing to be aware of is that a data archive is useless if it's not readily available 24/7. You don't back up data by putting it on tapes and throwing it in a box in the closet. Putting tapes in a closet is useful, but it should be considered a 'catastrophic recovery option to be used as a last resort'.
The main machine that houses the 'live' archive contains two large drives, each with a full copy of an operating system and the data archive. The currently booting disk is considered current; its archive is live. The second drive is an older copy of the archive, and is generally only a few days out of date. Rsync via atq automatically mirrors the archive and operating system to the second drive every few nights.
The backup machine has a similar setup, but it has older versions of the data archive. I update each archive on the backup machine every two months, staggered so there's always a copy of the archive about a month old, and always a copy about two months old. Having older versions of the archive available helps in the rare situations where you blow away something you shouldn't have. The backup machine should be off site if you can manage it.
For the 'very important' data, I keep copies on a handful of external machines and maintain them either via revision control or rsync. In the 'catastrophic backup' regime, I keep decommissioned disks containing old copies of the archive off site, usually in the hands of reliable friends and family.
It should be noted that I've found it important to run a nightly MD5 or SHA-256 checksum of every file in the archive, even if you don't do anything with it. (I actually compare against previous values, but that's not the important part.) This seems to greatly extend the lifetime of disks and reduce disk failure; I don't have a good explanation for this, but I suspect that reading from the bulk of the disk periodically allows the drive to identify and rewrite refresh questionable sectors before the data is unreadable. The disk need not go bad or have a catastrophic failure for data to become unreadable; mechanical aging and magnetic decoherence can simply put a sector above the ability of the FEC in the drive to recover, if left too long.
I don't use revision control on the bulk of the data in the archive. 95+% of the archive is considered long term read-only storage. Your usage may be different, and you may choose to use revision control on the entire archive. That doesn't really change the nature of the backup process though.