I've worked with a number of archivists who maintain archives of written and printed records and more recently of photographic materials. Some of the archives hold records that go back a 1000 years or more so the whole photography thing is still a bit modern and new fangled
Of course most of these archives are now recieving digital media for inclusion and the last time I checked the baseline recommendations from an archivists perspective were:
For the Master Archive: Uncompressed* baseline TIFF** v6 with Intel byte order, stored along with a copy of the file specification in a plain text file. A checksum should be generated for each file and stored separately so you can later confirm if the source had been modified/corrupted. All data should be periodically copied to fresh media (the period will depend on the recommendations for the media in use) and copied to appropriate new media formats as they are introduced. Ideally parity files should also be generated and stored to assist in the recovery of corrupt data, particularly if the archive is not duplicated.
* many applications use LZW compression for TIFF, the use of LZW was discouraged as it was a licenced, proprietary format covered by several patents, however these patents have now expired so the use of LZW is now considered acceptable, as long as you keep a copy of the LZW specification in a plain text file.
** It has recently been suggested that DNG may be an appropriate format, but archivists being a conservative bunch will probably want to see it in common use for at least another 20 years before they consider it mature enough
There are additional precautions such as producing a high resolution prints using stable pigments and archival paper and even keeping text prints of the hex content of the digital files along with full file and process specifications to recreate the digital files. But this is all way over the top for most (if not all) of us and does require access to a secure, environmentally controlled archival store in a geologically and politically stable region.
Cheers,
A