I can purchase audio files in 24-bit 192KHz with no DRM from his website. Although it's not a physical item like a CD, I can in practical terms do whatever I want with such a file once I've bought it, including burning it to a compact disc (or even Blu-Ray audio). In what sense is that worse than a purchase of a 16-bit 44.1 KHz CD?

I mean, a DRM-free uncompressed file will be yours as long as you can back it up.. a CD will delaminate in a few decades, vinyl will warp, tapes demagnetize..

Huh? I buy (not rent) digital downloads of lossless music all the time (phish). Note: that's not ownership of music. The band owns the copyright of the live recording and the digital download is really just a physical license that happens to permit you to listen to it if you have physical possession of it.