Streaming vs traditional

My son is talking about the "lossless" audio one can stream.  I have a good collection of CD's as well as a couple of TT and LP's with more than than I should invested in both.  (some may say too much, some may say not enough)  Anyway, thought I would come to a relative neutral forum to ask for reviews on the streaming audio.  It kinda reminds me of the Bluray and Betamax wars of years past-no standard version/format yet.  I guess it's relatively in it's infancy with lots of software and format devices on the market.  I love the convenience of CD's and the warmth and ambience of analog.  So-what's up with the streamers?