I had a similar idea some months ago and did quite a bit of research.
I eventually decided to go down the IP camera route as it appears that security cameras will all be IP based before too long due to the convenience and extra functionality they provide.
At the same time I wanted a backup system for all my data using a NAS (Network Attached Storage) device attached directly by ethernet cable to by broadband router. I found that I could meet both needs in one setup using a Synology NAS. You can get cheaper and simpler NAS=92s but they don't have the same comprehensive software.
I settled on model DS110J with a 2 Tb hard drive and a Vivotek IP8332 camera. The Synology drive is effectively a mini server (running Linux I believe) and has a module they call "Surveillance Station". It operates independantly i.e. it does not need a PC to be running to control it. Surveillance Station is a fairly capable security application with professional level features. It can handle multiple cameras.
I have only had it a few days and I am currently fine-tuning the sensitivity of the camera when it comes to handling alerts. It currently tends to flag an alert if brightness changes quickly/ significantly say when the sun comes out from behind a dark cloud.
The NAS can be set up to record in several different ways. I have it to record for 5 seconds before and 5 seconds after each event. It emails me immediately with a snap shot and I can then connect from anywhere in the world to view the video of that entire event or any other events. It can also get a continuous current view. It can send an SMS text message with image if required. It can be managed remotely as access is via port-forwarding on the router.
The camera switches to infrared when the light level drops. It also is POE capable so all I had to do was run a single Cat5 cable i.e. it gets its power through the Cat5 cable from a small injector device next to the router.
The NAS itself is hidden away in the garage so it is safe from burglars and will survive if the house ever burned down.
Apart from the security aspect it can handle:-
File storage and sharing. Data back up and recovery Host web sites Email server Video (via DNLA to the TV) server Music and iTunes storage and sever.
All in all it has been an interesting project - not cheap but I looked at the cost of having inadequate security and cost of loosing data - I reckon it is worth it.
VT