I've noticed that a lot of students at my school still buy & listen to vinyl, which I think is really cool. The ones who listen exclusively to mp3s are missing out on numerous important things- personnel/liners/cover art and the ordering of the tunes (which on a record like Speak No Evil is sublime). Also, by downloading only specific cuts they are missing out on the discovery of the other "buried treasure" tunes on the record. It really gripes me when they can't identify sidemen- I'm always on them to find out who EVERYONE is on whatever they're listening to. I give many blindfold tests in my classes.
I listen to vinyl, CDs and mp3s. I do like the convenience of the iPod for teaching & traveling purposes- not having to carry all those CDs is great. When I was on the road in the 80s I remember having a huge bag of cassettes to haul around. I remember buying my first Pro Walkman and what a cool gadget it was at the time.