Does compressed audio really need to exist anymore(music)?

[BLindsay]

So I've been thinking, I remember when mp3s were first popular I thought they were great because at the time I was on dial up and it saved a lot of time downloading and the space of a CD compared to a hard drive back then was much smaller. But now I look at those and think to myself do we really need it anymore? I can download an entire uncompressed CD in under 2 minutes and I can store about 30,000 CD's. With services like iTunes and CD's dying out where will we get our high quality audio. I feel like we have taken a step backwards in audio quality. What's the point in spending thousands on an audio setup only to run compressed music through it. On the Mp3 player front as flash memory gets cheaper we are going to see even larger mp3 players that could hold a lot of music even at cd quality. I wonder if we will ever see a service like iTunes that will offered full cd quality tracks?

Thoughts?