Long Term Backup - Home Videos

I've been trying to find hte best way to backup my videos, and have come up with two potential solutions, which I'd like your opinion on:

1) Once I have edited/trimmed and converted my imported video files, and created a DVD from them. Burn a DVD, then save a disk image of the DVD (on my mac as a .img file). Then, delete the source files. In addition, to the physical DVD and the .img, keep an offsite backup of the .img on disk somewhere.

2) Once I have edited/trimmed and converted my imported video files and created a DVD from them. Burn a DVD, then delete the iDVD project and iMovie project files and just keep a copy of the individual movie files.

With option #1, I limit the total amount of disk space required (current DVD I'm working on ends up being about 4.7 GB for the .img file, versus option #2 has about 18GB of source files. So option #1 seems like it would be a lot easier.

Or, is there a better option I am missing? Thanks!

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Darren Greer
Canon 7D
http://gallery.darrengreer.com