If your music archive and the work you put into it, means a great deal to you, it’s not a good idea to chose just one storage location, especially when this location is also the one that is “on active duty”.
I’d follow the advice and backup your files on another medium, like a DVD or an external HDD (disk space is cheap nowadays). Both methods have their downsides: the longterm archival ability of DVDs and Cds is … questionable at best and you can’t work on those files any longer while a HDD might simply die on you without any warning at all (been there…). But any backup you use, doubles your chances to keep your music library intact and spares you a lot of work if your mp3-player gets lost or destroyed or simply fails – which it will … eventually.
