DVR based security video isn't overwhelmingly priced these days, and plenty of features. I also started with a very old webcam (not too good at night), a VCR, and an old TV. Tapes aren't good, as you pointed out, only 6 hours recording, and wear out quickly if you record daily, so do the VCRs... But it worked out well enough, and basically free. Had to replace the VCR, got a $30 one, which had 3 inputs, so added 2 more cameras, a cheap B/W, and a more expensive day/night. Added a sequencer so I could switch through the cameras on the TV.
Now, I have a DVR (very nice, salvage from hotel security, several panel buttons don't work, but bought a $35 remote), 4 cameras (3 day/night, the cheap B/W I had for years). Records 24/7, about 3 days worth on a 160 gig HD, sequences or quad display, motion detection, and tons of other things I'll most likely never use. Use a 22" LCD computer monitor for display. Also has a built in CD burner, and USB port to copy off video. This DVR is high end, around $1300 new, but many of the more useful features can be had in a DVR in the $300 dollar range (includes cameras).
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Might check some of their other deals, or wait for a sales price, usually every month or so, they give a better deal on these. They sell cameras and DVRs separately at a decent price as well.