I need to keep "uncompressed" raw versions of all my completed projects for future use; blu-ray, conversion to other formats, etc.
So I've been archiving all of my 7D projects in Apple ProRes; since it's the format I use to edit them with. The files are usually huge and a pain to find space for. It just occurred to me though that since the footage comes out of the camera as H.264 that I could export and archive in that (MUCH smaller) format and not be losing any image quality.
What Richard said. Archive Original, but save the final show elements. If your using FCP (which it looks like you are) use Media Manager to trim the fat and only keep the footage you need. But also keep the original clips. These are smaller and unprocessed (except by the camera).