I guess it's the way they master cd's now, everything is pumped up to the max, there's no "breath" in the music now. The new Metallica cd is a good example. They pushed the levels so hard on that disc that even Joe Casual Listener was complaining about the clipping. To my ear vinyl and cd's started out as equals in the 80's as far as sound quality goes, but these days because of the way they are mastered cd's can't hold a candle to vinyl.
Ultimately that all comes down to mastering and not the medium itself. Vinyl cannot be clipped because of the medium (if Vinyl's mastering hit the zero line, the tracks on the vinyl itself would jump out. CDs can hit the zero line and still sound fine (it's when the whole bloody thing is constantly at the zero line that the problem comes in).
I totally agree about the no breathing space for new masters. Whenever I listen to, say, Dream Evil, which is brick walled, it gets painful to listen to after a few songs. You're constantly bombarded with the same soundwave for 4 minutes and that's not how music is "supposed" to sound.
Lastly, I want to point out that this weekend I did my own vinyl vs. CD test - I took Empire (I bought it a few weeks back on vinyl, if for no other reason than it makes a cool giant poster.
) Anyways, I compared it with the original master of the CD on the same stereo, same volume and settings. I listened to both in the dark and did my damnedest to analyze frequencies and how the instruments sounded, etc.
Conclusion: to my ears, trying to be purely objective:
the CD version destroyed its vinyl counterpart - and the vinyl was in great shape with little clicks/pops.
I did enjoy the warmth (especially in the low-mid bass and mid range frequencies) but on the whole, I found the CD to be much more pleasing to my ears. Not to mention it had better sound "consistency".