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The original poster's question doesn't make much sense to me... It's kind of like asking "Will hard drives replace floppies?" 10 years ago. As it turns out, one of them has been replaced, but not by the other. They're solutions to different problems, IMHO.
I think it's more likely that a different technology will take over for CD's. Ideally (again, IMHO), it would be the size of a SD card, but with the ability to carry the standard 74 minutes of music. But to make it economically viable, it would have to cost pennies to produce. And I suspect than anything that has memory chips/circuits in it won't fit that bill. Perhaps some form of holographic memory that can be reproduced with photographic techniques...
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