If you decide to go the scanner route make sure you get one that has Digital Ice (removes grain and scratches, etc.) and color restoration features (restores faded negatives and slides).
If you go the CD route keep in mind that name brand (Maxell, Sony, Verbatim, etc.) doesn't mean good quality discs. These companies don't make their own discs, they have someone else do it and the quality varies from batch to batch. For archival CDs and DVDs I recommend the Archival Gold discs from Delkin. While I don't believe their 300 year life span marketing I have found for archival use they are far superior to any other brand.
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Robert