Vinyl is making a come-back in certain quarters. (don't get me started on aural habituation and the propensity for delusion).

reports of the death of MP3 are (will be) much exaggerated. No matter what is better, installed base and available software create de facto standards. Inertia is a powerful thing.

Only something like better access to "whatever sound" you seek will supplant MP3 - and even then it will be hidden in the system. If they can snap their fingers and conjure up the sound clip they want out of thin air will any given format matter - the system will deal with whatever, however, it is archived. Or it will not be visible! Predicting the future is a game, an entertainment but not a science. But it will give us more for less effort IMNSHO.

Until then - its MP3 all the way down.