This has been a topic of discussion here before:
Think about how many medias you intend to keep in rotation and your desired retention window for old backups and you can start to do a cost comparison between hard disk drive-based backup and tape.
I'd love to see an "enterprise grade" hard disk drive-based backup system meant to replace tape. I haven't seen one yet. SATA drives in non-ruggedized hot-swap carriers is the best I've seen, but I'm not convinced they can handle the workload that good tape technologies (LTO and, to a lesser extent, DLT) have proven they can handle. The "RDX" hard disk drive-based backups (which use 2 1/2" laptop drives in ruggedized carriers) I see frequently offered as the "high end" disk-based backup solution are WAY too expensive per media.
Off-site backup via "the cloud" sounds great, but unless you've got a very small data-set or a very long window to restore, I'm still seeing the constraint of the "drinking straw" sized pipe to the Internet (as compared to LAN bandwidth) as being a major limiting factor. I'd love to do away with local physical-based backup entirely, but it's hard to beat the bandwidth of hand-carrying a tape back from the bank versus your Internet pipe.
You'll find that, for larger numbers of medias, short backup and restore windows combined with crappy Internet bandwidth (where I live, at least), tape still leads hard disk drive-based backup in terms of cost for media. Combined with the rugged and proven nature of tape, I'm hard-pressed to recommend hard disk drive-based backup to most Customers today.