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Microfilm is subject to water damage (more so than paper, I think) and probably fades over time, as it's a photographic process. I don't think I would want to rely on it for long-term storage, though as an additional backup it might not be too bad.
Low-acid paper in a watertight, airtight box is probably best after all for a combination of information density and durability. Clay tablets are just too bulky and fragile!
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