I am 41 now. And I was happy when the very first CDs and CD players hit the stores in 1984. I bought an CD player then from my first earned money. Two Klaus Schulze CD were my first CDs ever: "Dune" and "Body Love".
And they sounded way better then my LPs then. And they still sound better today. OK, some noises and lo-fi effects of LPs are gone. Some other new problems like aliasing were introduced. But all in all CDs sound better to me.
Hearing an very well treated LP today on a better then average turn table still sounds like hearing it through a carpet. And all those little unwanted noises.
But today I know so many young people that can't tell the difference from a real CD and a 128 mp3. Even a 192 B/sec mp3 changes the sound. personally I prefer 192 mp4 files for use in my car. The cut on the higher frequencies is like on the FM radio. And a car isn't the perfect room for music anyway. And there is engine running most of the times anyway. But mp3s as the main storage for music? No!
And yes, I miss the big covers. And only a few CD booklet are giving you the same information as all the small print on a LP cover and LP's inner sleeve (sometimes).
But today we have the internet to get more pictures or information about the artist and the music. So I can life with the small booklet.
But an mp3 file, even if the tags are there (to often they are missing and you have to add them for further sorting and finding), the are just the very very basic informations. And often they are not right at all.
And digital music as download is of cause missing the physical aspect. And it way more likely, that this music will not be available if your computer crashes or needs to be replaced. I have LPs from the mid/late seventies here. They do play. And there is only one with a scratch on it (Pink Floyd: "The Wall" during the helicopter at the end of "Another Brick In The Wall, Part 1"). The CDs of 1984 are all doing fine. Only a very few errors a good CD player let slip through.
But even if you back up pure data-only music on your computer, will they play in 20 or 30 years from now?
As long as I have long time relations to certain music track, and when this music is long out of print, I am happy to have it here in a physical way. And to have a digital mp3 or better mp4 file here just in case.
My kids (12 & 14) are collecting music in the mp3 file formate and from iTunes. No cover. No physical collecting. And they have no problems with it.
Maybe I am just getting old

or old-fashioned.
Anyway, I am not willing to part from so many track I own fro 20 years or more. They are part of my life. Memories connected to them or to the mood of certain track. I still got the music here that played as a kind of "the cigaret after" when I was together with my very first girlfriend. And yes, it was EM music. And it was from Klaus Schulze. No more details