What I like about Internet radio is I can listen to the best jazz stations in the country, the best classical stations, and Celtic Sojourn. HD or not, the local market doesn't have enough to offer.
And not just in "the country" - anywhere in the world. There are some great classical stations in Budapest, and some great jazz stations in the UK. I love some of the Irish stations. Combine this amazing feature with the limitless possibilities of downloading lossless HD files, or ripping your entire catalog of CDs to build a music library the likes of which you only used to dream about. Now, access all of this while sitting in your reference chair. You only have to get up to refill your drink. It's too cool.