Just over a year ago I bought my first TT and LP in over 15 years. I now have close to 500 LPs. I still think it was worth the effort. I had almost given up on high-end systems as the digital stuff was just not involving enough to keep me interested.
Then I had the good fortune to over-hear a speaker demo at a local hifi store. The customer was into LP's so the store owner had setup his Linn TT ahead of time and they were spinning some CSN&Y. It caught my ear immediately. I promised to stay out of the way so they let me listen along. There it was, the sound I had been missing for so long but had forgotten what the secret was. Next the owner changed the Levinson SS pre with a McIntosh tubed pre. Another huge leap towards where I wanted to go. I have never heard any SACD or DVD-A that sounded as good as a well setup TT.
Heed Sdcampbell's words. It is getting harder to find LPs without paying a premium, but even so it is usually cheaper than buying ceedees. From my experience this is no different with SACD and DVD-A. These formats still have limited releases and cost alot more than the average used LP.
Ok, I'm going on too long. But I think you get the idea that I know for me it was absolutely the right thing to do.