I'm looking into supporting Glacier in Arq. It sure is cheap -- $10/month for a terabyte.
Arq is the pinnacle of my rather large backup pyramid which also includes: Dropbox, Superduper, Crashplan, rsync, SVN/GIT and more.
I will gladly pay more money for Arq again.
Arq is incremental backup. The data structure is similar to git's http://www.haystacksoftware.com/arq/s3_data_format.txt
Unless your files change a lot, keeping the latest backup version in S3 and previous versions in Glacier would mean that most of your backup data are still in S3 I think. Right?
That said, I am reminded that I should not forget about the Arq backups and do a few test restores sometime. :)