One drawback with LPs I think - they are a bit susceptible to damage - mistakes, mishandling etc.

I like CDs because you can make your own and they are portable - take em to the car etc. They are ubiquitous, and reasonably-priced and you can download files from vendors and burn them. If you do decide to "go streamer" then just rip em.

Most flexible in my opinion. As for quality, get a good transport and dac and Bob's your uncle, imho. Spend what you'd spend on a turntable/arm/phono stage and you will have a nice set up. If they haven't got rid of vinyl yet then I think it'll be a while before they get rid of the CD. They are still making the players, so they don't see it dying too shortly.