Double-layer is good if you want to take less time flipping discs in and out, but currently, the media is more than 2x as expensive. (However, it doesn't hurt to spend a few bucks extra to get a drive that supports double-layer.)
For backup, you probably want the most reliable storage; DVD is "good" but not best. Double-layer burning is not as proven. I'd stick with single-layer DVD, and plan on discarding media after 5 years. Read elsewhere about proper storage.
Also, good backup software lets you keep multiple backup "sets" (collections of media.) Using sets "A" and "B", you alternate backups. (Mon, Wed, Fri, backup to A; Tue Wed Sat backup to B; Sunday go fishing.) Properly done, both A and B have COMPLETE backups, so if one set gets trashed, the other set is OK. Keep one set off-site. E.g., mail DVDs to your bro-in-law in a different city.
I'm guessing it'll be 3-5 years before Blu-Ray is cost competitive with DVD. Also, the TV vendors haven't settled yet on the fight between blu-ray and the alternative. Until that fight is done, we'll have a format war. Stay tuned. Perhaps a year or less before the two converge on a standard.
Good luck.