Unless you go for lossless and are willing to give up huge amounts of hard drive space for the files, the lossey files are the way to go both for storage and for portability.
The problem with that is that with lossey you give up a lot of the original recording. Ambience is gone. The background reflections from sound halls in original recordings are gone. It is said that with lossey you only get around 10% of the music, the rest is wiped out, which is why it is nice for storage.
With today's cheaper stereo sets designed for on-the-go, take it with you, anywhere, broadcasting, sales of digital you buy on line, make the storage and transmitting all the more important for convience. Many sound recordings are purposely overbassed and overgained just so they sound good on the cheaper stereos.
None of this is of importance to the average music listener. All that is missing is important to the audiophile. With a good to high end stereo system those things missing are evident if you go to listening for things you expect. Those missing items are subtle but gone none the less. Vinyl got it all. Above and beyond your hearing range. It was the one thing copy proof at the time for an exact reproduction. No one had the glass masters nor the pressing plants to make them for theirselves.