I still like to have a hardcopy of what I own (for backup, packaging, resale, etc.) but the new trend seems to be uploading a person's full library to a harddrive and using THAT for playback.
No scratching of CDs, no muss, no fuss. No discs getting lost, etc.
That's what we're doing . . . essentially a movie jukebox. You gotta have a BIG hard drive to do that.