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ehh... this is the never-ending debate...
being a record collector and having invested $1,000s (more than i'd like to admit) in records i am all for vinyl... there are some pros to it... the feel, the hunt for the song, the sound, etc. but those pros can also be cons... can take you YEARS to find a particular track (and when you do it can cost you a small fortune), the crackles and pops can get pretty annoying (especially on the ambient tracks), etc.
digital (CD/WAV/MP3/whatever) is great because you can get a clean/crisp version of the song, can get it pretty immediately, and can get it fairly cheap. that being said, it takes part of the "fun" out of it... it's kind of boring to just go to a website every friday and download the latest tracks just like every other guy out there... it's kind of cool to have an awesome song and know that only 200 of them are out there and i'm one of the 200 people that can play it out (well sorta... there are digital rips now, but you know what i mean).
like chris said, it's good to know all different mediums because you never know what situation you'll be in, but i'm not all for one medium over the other... each has their benefits and you just need to harness them.
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