I don't know what Glacier uses, but the "offline" storage is much the same how mainframes use tape - disk based files (datasets in mainframe speak) are migrated to tape after a given amount of time to decrease storage costs. These datasets needs to be recalled back to disk to be used again. This is nearly identical to how Glacier operates with S3 as explained by Amazon.
The reason tape isn't available immediately is because the tape drive, unlike a traditional harddrive, doesn't contain a reader. So multiple tapes typically sit in machines with only only a few readers that move back and forth based on requests made to read the tapes. If there are many requests, the amount of time to recall a dataset increases.
Glacier may or may not be using tape, but the behavior is nearly identical to how tape has been used in past systems.