For a small home environment, it's a good cheap option, although as the OP has found out, it'll take a while to offload all that data, and even longer if he needs to perform a restore.
For a meagre 3Tb of data, assuming you have a reasonable upload speed, there are some cloud solutions out there that would cost similar in price short term (who knows what cloud pricing will do long term).
There not slow at all, no slower then a hard drive anyway. They just seem slow if you have a huge amount of data to backup. Mine whizzes through 700mb media files within a few seconds, about 80mb/s. It depends on how fast the data can be sent to the drive.
I have found out quite a bit about tape backup on the net and its only really big companies that use this way of backing up, because your looking at anything from £500 to a few grand for a new tape drive(no idea why they are so expensive but there you go), so I cant see many home users going down the tape road for backing up. But the companies are moving away from tape and going to the cloud instead for backing up.
So tape for backing up isn't very popular, less so now because you have the cloud for backing up too. But tape backup is still is in demand because LTO is being improved yearly, as the storage is getting larger and faster on these things. With the LTO7 drive thats been released this year you can fit, I think its 12tb of data now onto 1 tape. But your looking at mega money for LTO7.
Tape for me to backup my media drive sounded appealing because backing up terrabytes of data on to a hard drive or multiple drives, (so you have more then 1 copy) is rather expensive, plus buying a half decent £100+ hdd just for backing up on,, well its just a waste and thats the main reason I have never backed up my media drive before now......
So I will have to see how the tape goes, hopefully its as reliable and robust as people say it is, because I have only made 1 copy of the drive.