All of the above.You should have included "all of the above" as a choice. I have a couple thousand LPs, and probably 1000 45 RPM singles. I still buy CDs, and listen to them (mostly burned to CDRs.) When I rip them for my Clip+, I generally rip to FLAC. I buy VBR MP3s from eMusic. If I come across an interesting download on a music blog, and it's free, I'll accept a 128K MP3. And then there's that pile of minidiscs sittting on a table in my bedroom. I've ripped most of them to hard disc or CD, but I still occasionally pop one into my minidisc component deck and listen.
The only thing I won't do is iTunes. Jobs has made enough money selling mediocrity. He doesn't need my money, so I don't give it to him.