I have an 80Gb hard drive, and a link to my hi-fi. I rip my CDs (and yes, I do own them all) in a quality that I can't tell the difference from CD and now don't have to play the CDs any more. All my playlists are there and I just double click and listen. Bliss.
MP3 portable players are way more convenient than CD ones, and even MiniDisc ones, they play for longer (mine plays about 11 hours on a single battery) and never skip - even my MD portable that has a "40 second memory" skips if I have it in my pocket and I'm walking fast.
Net radio isn't brilliant. You don't get to choose the tracks you want to listen to, you don't get it in as good a quality as you'd often like, and you congest the internet for everyone else, too, especially if you're using something like (A)DSL for your broadband connection.
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