CD's vs MP3 players...

[Magius]

Verizon does offer an accessory that you can use to use your own MP3s as ringtones, but even the guy that works the booth says there's cheaper and/or free ways to do it.

I make my own Verizon tones.
Rip a 20 second MP3.
Upload it to www.Myxer.com/make
Create the tone, and send to your phone.

My phone accepts a 40gb mini flash card for MP3's. I don't use it, because battery life has to be a consideration.

 

[Burnout]

I buy CDs, rip to mp3s and carry the albums currently in rotation around on my 32GB phone for portability/convenience.