Why vinyl?

When I was at teens (late 70s and early 80s in Korea), I had spent $2~$3 for new albums (licensed copies made in Korea) with my own pocket money. I guess I've bought over 300 LPs, all bought new.
Now, there are many other sources of related entertainment -- CDs, movie and music DVDs, downloads, computer games, ..., and well LPs. I have about 600 CDs, mostly bought new (from stores or BMG, CBS, ...), and 100 DVDs, mostly new at around $20 (but no downloads and no games). But spending $20 for a new LP is still a bit odd to me now. (Even though I had spent about $2000 for TTs, cartridges, and preamps over last two years.) A few reasons:
1. I can salvage garage/estate sales and buy bulk of 20 LPs at $10~20. In most cases, half of them are in very good condition.
2. I live in a small town that has only one record store that sells very limited LPs. I can count them that probably at 100~200 new LPs. Most likely what I am looking for is not there.
3. If I go to the Internet or ebay, there is $4.00 minimum shipping/handling charges per piece.

The best LP I bought recently is Muddy Water's Folk Singer. The sound quality is amazing. $30 well spent.
Few other reissue LPs from Lenard Cohen, Rolling Stones, John Coltrane, and Miles Davis were so so, not any better than listening to CDs. So, I am very cautious in buying new LPs. I won't just walk into a record store and grap one that looks appealing as I have done for CDs and DVDs. I will only select some of those which have high regards on recording and sound quality.

The resurgence of vinyl has, IMHO, much more to do with the recent increase in turntable/cartridge sales. Those who have spent on new turntables have not spent as much on new LPs.

Digital gets a bad rap. The current CD format is 25 years old already (amazing, isn't it). 331/3 Lps were the bomb for only about 30 years. I have many CDs that sound better than many LPs.

The medium is not so important as the will of the manufacturer to do it right.

Digital technology today can support much higher quality although cost for mass market consumption is probably an issue. The best possible seldom finds it's way to the masses, but it does to those willing or able to pay.

The big unknowns surround which channels will be most successful in delivering the higher quality stuff.

So love your vinyl, but do keep an open mind to better things that are possible both today and in teh near future.

One thing stands out from many of the responses. The quality of the recording and mastering is the primary delimiter whether LP or CD.

One person asked a question that has yet to be answered. If new releases on vinyl are from a digital recording/master, what's to gain on the LP?

Agree with ojgalli 100% + very good point!

With good playback equipment (ie your medium to higher-end home stereo/audio system) mastering and production is by far more important than delivery medium.

There are some very old recordings that are full of technical flaws from a modern perspective yet sound most wonderful and enjoyable on a good system.

For example, I've heard some very old stuff by Louis Armstrong broadcast over the internet on WWOZ, New Orleans, using my Roku Soundbridge, on Christmas Day (wish I could remember exactly what the recordings were??) that blew me away as much as anything I've heard on the best vinyl or CD.

Ojgalli writes, what's to gain on a digital lp? I'd take a digital lp any day over the same CD, at least for orchestral music. Presumably, the Lp is cut directly from the master digital tape, which preserves the hi-rez. The tape is "number-crunched" when transcribed to CD with "flattening" and harsh results. I still like analog, (or at least the better, more tasteful recording technology that came with it), but digital lps work for me too.