I've read a good number of engineering papers that basically say what Kathy has said, except that CD's are measurably better with regards to one's freedom to mix in bass, as well as treble reproduction. I have to say, the evidence is convincing. This said though,
I've tried without success to express this to anybody who thinks that vinyl is king.
One thing I DO like about vinyl records is that you can get them in wacky colours, and the larger size format makes for larger artwork. Also, unlike CDs, you can't really skip a track, you have to listen to the album in the order that the artist intended, unless you listen to side B first - those are the people I don't want to meet though
Edit: Also, when it comes to CD's and lossless digital audio, you could still listen to them through crappy headphones and the cheap hardware built into ipods and laptops and stuff. With Vinyl, unless you have a Crosley, you're going to be listening to it through some generally fairly high-end hifi gear.