I have upwards of 4,000 CDs. While I do believe it can offer the best quality playback (yes, 16bit PCM, no practical audible difference with 24bit or DSD) given a high end player, there is definitely a problem that gets little attention in forums and elsewhere on the Internet.
Pinholes.
I do not believe CD longevity is as great as it is typically purported to be. The material(s) itself wears out and often renders portions of the disk inaudible as the reflective layer "evaporates" and the laser is unable to read the data. Virtually no storage and/or handling modification can prevent this.
Back to the format itself, when "critical" listening is required/desired I believe CD playback on a dedicated player is superior and more reliable than streaming or playing digital files via computer software.
Happy to debate the issue as I’m sure my comments will draw the ire of some.