I voted CD, but the way in which I want to access my music is certainly changing. I`m just not doing the majority of listening in one place in the house anymore. I need more options. As a consequence I`m very much interested in exploring the ways of the Squeezebox…etc, but not until I know my 500 transport (3xx serial. Does that make it a Mk3? I really don`t know) could get a good home. Only then would I even have some free funds to put towards and SB3 and so on. Problem is the market for CD transports seems slim now given the growing popularity of streaming options.
I listen to an awful lot of film music and classical music, and so I own a lot of multi-disc sets and, certainly as far as some of the albums in my film music collection are concerned, music is often out of sequence on a CD. Storing lossless encodes on a server would certainly alleviate those playback frustrations since I could arrange them for playback as I see fit.
I`d add that I have no interest in actual downloads however. So long as a CD is available I will buy it, and rip that to a server. I will always love having a physical collection of discs, and even with a server I'd still keep my collection on display.