Film or digital. Hmmm. Why not both? Well, assuming it has to be one or the other, your reasons for choosing either really should be based on your own individual circumstances and requirements. I'm not advising either route, but I do have some insights which I hope you might find useful one way or another.
A well-managed digital archive, along with all the good maintenance processes of ensuring suitable power, aircon, redundancy, monitoring, regular integrity checking, upgrading both hardware and software (having chosen suitable hardware and software including OS in the first place, and having the skills to configure, administer and use them), periodically converting formats along with accepted best-practice, backing up strategy and rotation of those backups (yes, a backup is considerably different from an archive) should (n.b., that's only a "should" and not a cast iron guarantee) be maintainable indefinitely - a lot longer than a film archive. Choice of cataloging software for the archive should always take into consideration how easy it is to extract the data for re-import into another format (often "can I extract all this info in XML so that I could get somebody to process it into a format for reimporting into something else?")
Sorry for labouring the point, but the key is in how the archive is managed, and an archive is very different from a backup. It's potentially a full time job all by itself, often several full time jobs for people with a variety of skillsets, depending on the size and complexity of the archive. It's not necessarily an easy option, and certainly not a panacea. And film has been around for a lot longer and is more proven for this particular task. Many film archives exist that are run by dedicated qualified librarians and archivists with specialist skills. If you're maintaining your own film archive, you'll appreciate the differences between your own practice and those of a pro archiving outfit more readily than a digital archive, which is more of a commodity.
With the digital era, everybody gets the chance to imagine that they have professional administration and archiving skills - and make their own catastrophic mistakes.
Another thing to bear in mind is that whilst film is in good condition, it can always be rescanned, giving you the option of scanning at a different resolution, or using the latest and greatest scanner or scanning techniques; almost always a better option than res&ling a given digital scan.
This sounds a bit like a diatribe against digital, but digital was my choice.
That's the film v. digital. Now, if (when) you do go for digital, bear in mind I personally wouldn't touch CD or DVD as a reliable archival format with a barge pole. It scratches, it fades, it's generally unreliable and will let you down when you need it most. Go for expensive tape drives. Go for fire safes. Go for multiple copies on multiple RAID arrays in diverse locations. OK, it sounds ultra paranoid - but the point is, digital can protect your work so much more than a single flimsy copy of a tranny or a neg if you put the effort (and the concentrated paranoia) in.
Well, just my thoughts as somebody who does a lot of digital backup (but admittedly not this far a lot of photography).
Your mileage may vary!
Andy