I gave up on CDs in 2004. I only wish I ripped them all at a higher bitrate. The only music I buy is from Amazon MP3 or other DRM-free online stores, and vinyl. (I like to have digital copies of vinyl that I really like, though. I don't like vinyl because it sounds better, because mine doesn't. I just like it because it's neat. And because vinyl records will still be playable long after all CDs have rusted.) If I buy a CD I sell it right after ripping it.*
It got to the point where my CD collection represented the music I was into years ago. Also, CDs are really fucking ugly. At least normal jewel cases are. They're the most useless format to me. I'm not an audiophile, though. Excessively-high bitrate digital don't sound much better than 160 AAC/192 MP3s to me. If I were an audiophile, though, I'd just embrace FLAC or Apple Lossless.
Also, it's possible to embed PDFs and multiple pieces of high-resolution artwork inside of digital files. I wish online stores would do this.
Now is the time for me to say that if you have a valuable digital music collection, you have at least two backups of it, right? RIGHT? Talk to Martin about the importance of backups.
* Sure, this is unethical, but I'm not about to wait until the remains of the music industry finally adopts an ASCAP-like system for recordings. By the way, owning a CD doesn't make a difference to whether music files sitting on your hard drive are "legal" or not. The copyright act controls the act of copying, not with whether existing copies are "authorized" or not. The plain text of the statute and one of the most prominent copyright attorneys in the country will tell you that. If making a copy was legal at time A it doesn't retroactively become not legal at point B because of some other event. This is why the music industry likes to be vague about whether ripping CDs is even allowed or not.