Trick question. The answer, in some cases: both.
For instance, I just finished a tour video for a facility…the Quicktime clips that were actually used in the final production fit on one disc. So, while all the raw BPAV folders from the cards were backed up to disc and put in the gigantic fire safe, I was also able to include a disc of used clips along with the regular project archive.
We do two sets of archive discs per project: one for my archives, and one that gets boxed up with project management’s stuff (paperwork, assets, that kind of thing). The raw footage, however, has its own archive in a fireproof location, whether it’s videotape or discs of raw XDCAM EX BPAV material.
Archiving to hard drive is just asking for trouble. Sure, we keep all of our footage available online with a RAID archive, but things happen to hard drives and hard drive controllers. It’s always best to have a non-mechanical version stuffed away somewhere, especially if you’re like us and have need to utilize past footage in current projects. The nature of your work will dictate some of the finer details, just like ours does.
Cf