Why do we put up with second-rate? That's exactly what MP3s are. Gnarly old Neil Young rightly says computer makers need to forget about MP3s and go for gold. And he's exactly right. MP3s devalue music by making it a too-easily trade-able commodity, plus they sound like shit.
All of the above said in the full knowledge that I have trawled blogs for interesting and obscure music (if I like a download, I buy it, OK?) and I do use MP3s for podcasting. Give me a lossless format anyday.