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seabiscuit : I still have about 400 records and spin them on a 1978 vintage Dual 704, automatic, direct drive, with an Audio-Techinca ML-440 cartridge. It still performs well and although it does not match my former Rega Planar 3/Sumiko MMT/Bluepoint rig, vinyl is still important to me.
And you........?
Some of the old vinyl is irreplaceable; So are some of the shellac and metal recordings. I'm not one of those who enjoys the rituals that go along with vinyl, but we have two turntables, four tone arms, and a selection of phono cartridges and phono stages to choose from, plus a nice NItty-Gritty vacuum record cleaner, precision SFG, stylus microscope, test recordings, and all the other stuff it takes to get the most out of the formats. We have wide-groove recordings from the 20's and 30's that require a special stylus, rotational speeds other than 78 RMP (80 RPM is common), and non-RIAA equalization. Getting the most out of old vinyl can be non-trivial, but it can also be quite enjoyable.
Newer vinyl recordings can be interesting as well. Making a listenable recording on vinyl is a lot tougher than making a listenable recording using a digital format. Making a good vinyl recording is as much art as science. Add to that the fact that all current vinyl releases are targeted toward and mixed for the "perfectionist audiophile" and what we end up with is a group of people with musical and artistic talent cutting vinyl that is mixed for optimal reproduction (within the limits of the format) on upscale audio systems. CD's on the other hand tend to be mixed to "sound good" on more typical home and automotive audio systems. Good "modern" vinyl recordings, reproduced on good equipment, almost always sounds stunning, in spite of the limitations of the medium. The primary reason is the target customer, the skill and taste of the recording engineer(s), and the mix. Vinyl attracts the cream of the crop.
If it weren't such a pain our turntables would get a lot more use, but we're rather be listening to music than cleaning vinyl and constantly tuning the mechanical playback setup. My guess is that vinyl probably has at least another 50 years before it will be seen in the same way we see wax cylinder recordings today.</font>