Pretty much describes my backup strategy that I've been doing for many, many years. Since I'm the "master" of all that is precious data (pics/vids/etc.) I have a copy on my workstation which, along with the other machines, gets sync'd to my server via robocopy (simply the best utility if on a Win platform - create scripts and let it fly!) and shared out. Then I use a docking station to sync to a bare drive as well which then gets brought to my parent's house and swapped out with the bare drive there. This effectively gives my sync'd data on (4) drives! Currently this is being done on 2TB drives purchased when they were $50-60 so the cost for such redundancy is nothing and it easily holds everything I can't replace. Since I'm a little off :nutz:... I even create md5 hashes so the data can be verified. So ~$200 buys me quad redundancy plus off-site which can be verified.
This is one thing I'd advise against simply because of bit rot/magnetism issues unless you have 2 drives stored away.