First of all, even a really, really high quality, maxed out bitrate MP3 will still sound horrible to the trained ear. It's just a bad format. .WAV is better, but it's about as clunky as just carrying around your CDs anyway, because you'll even run out of HDD space if you keep it all virtual.
Along those lines, there really isn't any reason to go with CDs when LPs are there in the same album format. Analog does sound better than digital. It's more natural, and even though it won't last forever in that level of quality, it's better while it lasts.
Personally, I have about 35 albums (about a quarter are 2 LP sets) and I also have my dad's LPs & grandparent's 78's, the latter of which I've never listened to.
The only CDs I have are game soundtracks and one movie soundtrack.