My simple take on things:
The MP3/Compressed format is here to stay. I'm not terribly happy about it. But until the masses begin to change the way they listen to their favorite tunes, this is going to be the dominant format.
The FLAC/"Lossless" format is also here to stay. Heck, it was even trending for a very short while. That said, this format is already beginning to regress back to what it was during it's emergence - a niche that only appeals to the people who give an actual f$@ about sound quality.
The CD / Redbook format will be around for a little while longer - but its' day in the limelight is over. Personally, I think this format is in a rough spot. The mp3/download crowd no longer sees the point in owning a physical music library, and the format simply isn't 'cool' enough to be supported by vinyl collectors. And audiophiles? They're too busy beating off to DSD. The only thing that CD has going for it at the moment, is quantity. I suppose affordability also factors in - if you're one of the few dinosaurs who still collect shiny discs.
Despite all of the controversy surrounding the DSD / High Res format, I think it's pretty safe. So long as there are audiophiles who are willing to sacrifice their first-born child to cover the cost of their 48029483290-bit library, there will be DSD.
And lastly, we have vinyl. I really do think we are living in something of a 'golden age' when it comes to media. Vinyl records have been trending for awhile now, and while I honestly believe the trend will soon begin to fade, it's a medium that is clearly here to stay.
Well, that's my take on the subject!