I think it is a great time for audio because of the advances in disk based media storage and USB dacs. I think the Squeezebox/USB DAC model is a real boon for Audiophiles who want to play music and enjoy it. It is even helpful from a pure Audiophile standpoint because you can audition equipment using 100 different recordings without leaving your couch. This model also eliminates the need for an expensive CD transport mechanism and if properly implemented addresses some of limitations of S/PDIF.
It is also an exciting time because there seems to be more high resolution material available than ever due to HD Tracks. Further I think midpriced DACs and players are better than ever. On the super high end, you the Puccini and U-Clock and Scarlatti systems which are spectacular.
There are some really great headphones out there for reasonable prices.
On the other hand speakers and amps are more expensive than ever it seems and a lot of new music is just not recorded properly.
