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Death of the CD?

I've been reading more and more about the coming demise of the CD. And honestly, it scares the hell out of me. If digital downloads is what it is coming to, fine, I think it's great, but do they have to be MP3s? They sound awful! Why isn't there a way to download full size 16 bit, 44.1 wav files? Does it really take that much longer to download? And isn't it worth it to take the time?