External HDs as replacement for tapes?

I am an admin for a business with about 80 workstations, and six servers. Our databasae tape drive crapped out and I am looking in to new solutions. I can get a 300GB external hard drive for about $150, and I already have backup software and such…so, is there any reason not to just buy ten of these drives and rotate them just like my old tape scheme?

With the drives, I could back up all my servers to one piece of hardware, and not worry about tapes screwing up during a restore.

It seems simple enough I am afraid there must be some hidden issues. Ideas?