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Whatever best ensures access to music I've purchased in the long run and gives me maximal freedom. In practice, I find that to be CDs. Vinyl might also fit the bill, but I'd need large equipment for that, and I have no idea where I'd store all those vinyl discs. CDs on the other hand are pretty handy.

I'm not a fan of digital, but I could be persuaded otherwise if FLAC (or some other reasonable lossless format) was an option. Sadly it doesn't seem like it's very commonly available, so its usability as an option is limited.