To add to the debate...(and to re-interpret parts of the fact post)...
I get dragged into discussions about the merits of vinyl versus cd versus ipod on a weekly basis - I work as a dj, and the snobbery that surrounds format is obscene. My preference is with CDs, the main reason being practicality.
Firstly - it's more cost effective. Though buying 7" is cheaper in the short term, records, especially when being transported, do get damaged, and having to buy 2 copies of some single seems pointless - I resent having to spend money on back-ups of songs when the money could be spent on even more music. With CDs, you buy it/download it, burn it onto your computer and ta dah! You have a back-up for when one messes up.
Secondly - transport and space, as the fact post stated. Huge record bags look cool as, but they're virtually impossible to carry anywhere. I injure myself on a regular basis just trying to carry a CD wallet around. Plus, if my music collection was on vinyl, I wouldn't have room to sleep or live in my room. Plus, it would be harder to find what I needed at any given point - I'm scatty at best and like to have my music sub-divided into genres and alphebetised, and like to be able to create playlists and compilation CDs in a second. YES I AM A NERD. But I still get derided by other DJs for using shiny plastic discs, despite the fact that my set never suffers from it.
Throw into this the fact that the majority of places I work at no longer have both record decks working, but have super flash CD mixers, this is a sign that even clubs, the main bastion of Vinyl Snobbery, are giving up on the cherished reverence of vinyl in favour of having cables for iPods and decent CD equipment.
That said, my basis for preference is one based on listening to and playing music in a commercial setting. I haven't disowned the notion of vinyl at all, and still get seduced by the ones with pretty colours and shapes (Fiery Furnaces still win with the green glittery 7"). But, I have to really know and love an album to want to own it on record - much like London Calling. It'll take me a year or so to know that an album is important enough for me to want to actually cherish, and enjoy the whole process of setting it in the player, admiring the artwork etc and just listen to it. I'm not saying that I'd get any less pleasure from listening to it on CD, but having the vinyl seems to be my personal indicator that this album is something to treasure, rather than just be told that I've listened to the songs from it 554 times on an iTunes playlist...