Lol I love reading about rusty stangs and then going into my garage and staring at my rust free 98 GT with perfect factory paint.
As for sound quality... I like my exhaust note but if you are a complete audiophile you'll be able to tell the difference between a CD and a MP3. Just like a Blue Ray will always look better than something you get off most torrent rips. With that said I only use MP3s and downloaded stuff because I hate having to worry about a crapton of CDs, changing said CDs etc... when I can have everything loaded onto a stick or my phone. All my cars have Motorola cardocks for our phones that literally drop right in and go right to the headunit via bluetooth or a 3.5mm cable depending. 64gb microsd card in Droid Bionic=a metric effton of music without having to worry about changing CDs. If you make sure to get 320kbps or a different format than MP3 it will sound very close to CD quality. The issue with MP3s are that they take out about 90% of the sound and leave only the 10% that you can hear in that microsecond or whatever therefore compressing what used to be a huge file into a 3-5meg song. This is why the MP3 revolution happened in the late 90s when hard drives were finally big enough and affordable enough to store hundreds or thousands of 3 meg files. Even though most ppl back then used the default rip quality of 128kbps which sounds like shit. Stupid Napster...
edit: And also, the beauty of having a phone setup like that in the car is for the slacker/pandora right into your stereo. $10/mo for premium slacker is the shiznits. I like my music library but I also like kicking on the underground stations and the espn radio and news updates and all the other goodies that comes with it.