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okie...quick run-down   
Minidisc
for:- small size
- cheap $/Mb
- re-recordable
- long battery life
- does not need pc to record
- better quality compression (ATRAC vs. MP3)
against:- real-time recording (slow!..but will change with introduction of NetMD)
- limited recording settings (ie. SP, Mono, LP2 & LP4)
MP3CD
for:- extremely cheap $/Mb
- fast recording time
- adjustable recording quality
against:- large size
- cannot be editted/re-recorded
- not as good battery life
- need pc to record songs
MP3
for:- extremely small size
- fast recording/downloading time
- adjustable recording quality
against:- very expensive $/Mb (but will get cheaper)
- limited storge size (mainly due to cost)
- need pc to record/download songs
...for me, i prefer md because it's very compact & also reusable discs...ultimately i think the (nonCD)mp3 players maybe better (solid-state, no moving parts etc.), but currently the flash memory is way too expensive for large music libraries...MP3CD isn't bad except for the size...i used to carry my discman around and it was always a pain, now minidisc is much smaller & lighter
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Peace 'n Love! • Mikey • Sydney, Australia. 
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