Do they sound OK?
Yes. A good vinyl technically can sound as good as a CD. A CD is a digital approximation of the sound, albeit a very good one, while a good quality vinyl is an analog reproduction. The only problem: each time you play a vinyl, it wears just a
little more, so the quality does degrade over time.
Are they cheaper than CDs?
Depends. Older ones at a thrift store are a lot cheaper. I saw Stevie Wonders "Innervisions" on CD for $15.99. I bought it on vinyl for $1.95, and it sounds great.
Newer vinyls tend to be more collectors items and thus more expensive. The "All That You Can't Leave Behind" vinyl that I saw at my local music store was going for around $25. "Hail to the Thief" in vinyl was going for about the same amount. I'm not a real vinyl collector, so I'll stick with my CDs, thanks.
Why buy vinyl?
I don't know...it's kind of neat having an album in its original format I think.
Oh, I got two new vinyls today. Yes -
Yessongs and a bunch of Italian opera. Funny story...I tried to play the opera records and figured out when the vocals came in that I need a faster RPM record player (mine does 33 and 45...I think they're in 72 or whatever the next step up was). Beautiful discs, though, and very hard and sturdy...not very flexible as is typical with the medium.