I 'backed up' (ahem!) my entire Enya CD collection to a USB memory stick ... it gets plugged & played on any long journey (not many of those in the last eighteen months).
Storage space is always going to be an issue ... but it's nice to think "ooh, I feel like watching 'The Dish' tonight" and spend the next 5 minutes tracking down the DVD, firing up a most excellent Sony DVD/Blu-Ray player (whiskas, take a bow) and settling in for the evening.
Streaming is OK, but next April I shall be telling a certain broadband provider (Richard Branson, don't take a bow) to take a long walk off a short pier because of their eye-watering 'we don't give a monkey for your loyalty' price hikes - and there will be no "loss of streaming" cudgel hanging over me