I'm using blu-ray disks for the 3rd copy, but I'm not backing up nearly as much data as you are.
The only problem with optical media is that you should only expect it to be readable for a couple of years, best case, at this point and probably not even that as the tier 1 guys all stop making it and you're left with the dregs.
You almost certainly want some sort of tape option, assuming you want long retention periods and are only likely to add incremental changes to a large dataset.
Edit: I know there's longer-life archival optical media, but for what that costs, uh, you want tape if at all possible.