The limitations of CDs vs vinyl are real IMHO. Being a musician, i agree with Paul that you can hear some things different...but it is small. My biggest thing regarding vinyl is this: when I go to a concert and buy the record from the musician, I know exactly where that money is going--to the artist that took the time to print it and so forth. CD's and downloading are great, but ultimately I like the intamacy involved with records...flipping, cleaning, knowing when and where I got it, and the beautiful album art. It's a feel thing, not necessarily measurable.
Likewise film. There's something tangible in all of the analog stuff and that's what is different. I spend enough time working on people's computers for work where I am trying to recover an authors lost work, a parents irrecoverable images of their kids, and graphic designers lost proofs. Analog? Only a fire or a completely irresponsible person would lose that stuff forever.