I sold off all my albums a year or two ago. In fact at this point we have sold off most of our CDs too - we have everything in iTunes and that is the only way we listen to things. So in essence it is "CD quality" but we don't have those hundreds of CDs cluttering up the house any more. I am going for no clutter
In terms of quality, it comes down to practicality for me. If I had albums I would rarely listen to them. With everything on "instant play" with iTunes, I listen to tons of music - far more than I would ever listen to otherwise. So it's a trade-off I've made.