We just put up a wireless connection to a building offsite, and we run daily backups. Of course, the building has to be line of site and within a certain distance.
The cloud wasn't worth it for us either, because like you, we had more than 5TB of stuff to backup, with more being added monthly. Uploading 5TB isn't exactly fun, and our ISP wouldn't approve.
So the offsite worked better because the bandwidth is all internal. Now it just runs backups every night.
With hard drives being so cheap, the cloud would have to offer some pretty exceptional service for us to switch over.
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