Excellent thread.
Buying vinyl definitely is more of an event... the longer time it takes to sift through the racks searching for that elusive bargain, the buzz of finding something, whether for yourself or for someone who's with you, it takes up a lot more time to sift through purchases than if you've got CDs, and, as someone rightly said, it feels like more of a substantial purchase even though often it's a lot cheaper, it won't hide amongst the rest of your shopping so you get people asking stupid questions like, "are you a DJ?" because you've got a bagful of records...
As for the respective merits in terms of sound, the White Stripes latest definitely was leagues ahead on vinyl, and it shouldn't be really as it's so recent a release. It's the only recent release I've got to enable a comparison such as that, on older stuff, Fishermans Blues on vinyl trounces the CD copy although I believe a remaster is due which may narrow the gap somewhat.
Bottom line though, is that there's stuff available on each format that you can't get on the other, so both are necessary really.