I think Davidtwotrees hit the most important point. It's all about listening to the music, regardless of format. I think it's great that there are so many options now for acquiring and storing music, so many choices of quality levels and equipment for every taste and budget. Think about the time when vinyl or reel to reel was High Fidelity. Your only other options were 8-track or cassette. Pick a format and hope the recording is good. It's so much better now. Pick a format, CD, SACD, DVD-A, WMA, WAV, MP3, pick a bit rate, download or copy from CD and store in computer, memory stick, iPod, server, cassette (he, he) etc.
Yet it's the music that drives the whole industry, whether it's classic Sinatra, Pink Floyd or Snoop Dog. There always has and always will be choices of format for those that care about audio quality and those who don't. Being on the cutting edge of Hi-Fi will always be expensive, but the mainstream stuff is cheaper than ever for those not concerned about quality. Buying only the songs you want for $.99 would have been awsome in 1980 and for many, it still is in 2007.
I find the future of CD's irrelevant. Either they will continue to exist or they won't. If they don't survive, I'll adapt to the next best format.