I fear the day music and movies go digital download, and hope that there will always be a tangible counterpart. Hard drives/IPods get corrupted/crash, and if music/movies are purchased through some online service and they are stored within their servers, you can forget any freedom you might have by owning a physical copy.
I'm telling you, the day things really switch over is the day consumers lose true "ownership" over the product, because the RIAA and MPAA will enforce and encrypt many limitations and restrictions.
I don't trust the corporations, and I don't trust digital storage. So for me, physical ownership is the only way to go.
Mp3's fall short of CD quality, and lossless files like Flac, Ape, M4A or uncompressed lossy formats like Aiff, if burned to CD, are probably supported on such a select few home CD players (not to mention take up so much memory) that it becomes somewhat unfeasible to jump ship from MP3's for listening on a home audio system.