Mp3 Player vs MD Player

I have a MD player right now, I got it just before mp3 players took the shelves by storm. the thing about those nifty gadgets is the fact that they come in small sizes:) that’s precisely why i got a MD player (versus a cd player)

they’re cheaper too.
and you can transfer mp3s to the player just like that
maybe now with the new (or not so new) NetMD technology, you can almost do the same…but those cost a bunch.

my bro got a mp3 player, it’s got an equalizer that my md doesn’t have :(, and i can’t hear much difference in the sound quality (leaving the equalizer in default).
his friend however says that he’d like a MD player instead of a mp3 player - something about analog i think, but i dont know what it means.

so…what are the pros/cons of a md/mp3 player?