I grew up with vinyl and cassettes. You'd buy the vinyl and record to cassette for the car. What a pita. The tone arm, cartridge, and speed control window were very popular with tt's. The big debate back then was belt vs. direct drive.
I did a recent comparison between an old Great White CD and LP, level matched them, and ran the two at the same time through my Denon and RTi towers. After switching numerous times, the LP had much better S/N ratio, depth, and punch. The CD seemed lifeless when a/b'ing the two tracks. The CD really needed a house eq curve to catch up to the dynamics of the LP. I was a bit disappointed, since this was a very good sounding CD (not as good as my Telarc's, but I had to an a/b comparo), and I have almost a thousand CD's.
Nevetheless, as others have stated, CD's are much easier to use, and with the proper eqing, one can approach the sound of LP's. Now, for that debate of MP3's vs. CD's... you'd think with technology sound would improve, but it just seems to be going the wrong way.