I would like to ad my 2 cents to this thread. I work in Hi Fi, I DJ hard trance and I produce as well as study accoustics, production and anything that remotely has anything to do with sound.
For a start. Catagorically vinyl is a better format from cd aside from the one problem of its deteriation over time. Vinyl is a true analogue format and is not restricted to any specific frequency range. The limitations often come from the playback equipment. If you watch speakers on a hifi as the turntable plays the intro of a record you will see the speakers moving in and out at quite massive excursions and yet you will not hear a sound. This is due to the fact (as most of you know) that vinyl is not restricted to the 20hz-20khz range of cd. This also applies to the higher frequencies.
I can't hear anything above 20hz anyway so what does it matter I hear you say... Well, those frequencies above our hearing range combined with frequencies in our hearing range create harmonics that we perceive as richening the sound and thus consider it more pleasurable to listen to.
The other huge reason that cd is crap is that the PCM format (Pulse Code Modulation) was a flawed theory right from the start. Sony has developed a new system call DSD (Direct Stream Digital) which is by far a better system and was originally developed as a system to archive sony's studio masters from over the years in a digital medium that would not be degraded over time. After finding the format a success, someone at sony realised that if they bypassed the PCM part of the process and encoded the analogue signal straight to DSD. This is how the SACD format was developed. Unfortunately the equipment isn't available for you and me to be able to record direct to DSD as yet.
This is my humble attempt to dispelled some myths and share some knowledge.