I've moved to using a mirrored RAID1 firewire drive for my backups for a couple reasons:
1) DVDs also degrade and become unusable after awhile. With the cheap stuff that isn't listed as archival quality, I wouldn't bet on more than about 4-5 years of reliable storage. After that, the dyes tend to degrade enough that you lose data.
2) A RAID1 backup drive protects from a drive failure via redundancy. If one fails, you will have some sort of window to recover the data from the second before it goes too.
3) The point of a backup is to have redundancy, and recover old files you may have lost for whatever reason (in my case, user stupidity most of the time). If this is your main goal, then you don't have to ditch the idea of a HDD as a backup drive just because it will fail. All you need is for one of the two copies (the original or the backup) to not fail at the same time the other has failed. But this does mean you must use the drive regularly and backup regularly for it to make sense so you know that the drive hasn't failed between your last backup and when you need it.
If you have smaller sets of data you want to archive, then yes, I would go for archival grade DVDs. You can at least expect those to stick around for a decade or two for the cheap archival, and then there are archival discs rated at up to 100 years. Do not expect standard off-the-shelf DVD-Rs to outlast a HDD, odds are that it won't.