Interesting thread. I'll jump in here since I have some cassettes I recorded back in the early 80's on a Nakamichi BX-1 deck, through a B&O 1700 (MMC2 cart) and Yamaha A800 integrated amp. I now have a rebuilt Dragon and LX-3. I can play these tapes and am amazed at how good they sound. But I can say that these old tapes I recorded, as well as 50 cent tapes I have from Goodwill (Steve Winwood/Sting) sound better than most of my cd's. CD's may not have hiss, or low level noise associated with tape, but I guarantee you the analog difference is significant. I don't look at specs. I listen to my ears.
It's a special pleasure to see my younger friends—who have never heard vinyl or tape—amazed at what they were missing. In every case, they had no idea what the were missing, by listening to CD's and MP3 files.
I also agree with comments that it's just plain fun. It's more involving and in an age of immediate gratification and no time for anything except for "what's next" . . . it's a rewarding way to slow things down and savor the musical experience.
gagelle, I can appreciate your comment on the cost. There is a cost. But like with all things in this hobby, to each his own. Part of what makes this hobby so enjoyable is that there are a variety of ways you can enjoy it, at different price points, and levels of financial maintenance to keep going. So it really comes down to getting a good used deck with the understanding that it will need servicing. That's part of what makes Nakamichi decks so great. With proper servicing right off the bat, you can be assured that your interest in playing tape will be outlived by your deck . . . unless you let it sit and don't use it. For me, that means powering my decks on almost every time I turn the stereo on, which is almost every day. And I'll play tape in them some of the time, even if I'm not listening to it, simply to keep the pinch roller surface from staying in one spot for too long. Also to keep the lubed parts moving. For some guys, that's just not something they want to do, and that's okay.
As for tape, as mentioned by others, if you buy the right tape, you shouldn't have problems. That means sticking with Maxell and TDK for the most part. Most of my tape is TDK SA from the early/mid 90's and it's all good tape.
The same argument could apply to turntables and vinyl. Buying vinyl used and new is hit/miss, and requires regular care, and initial cleaning (usually). There are supplies to buy and if you're like me, new antistatic sleeves to protect my investment. After time, your stylus or cart needs to be replaced. So you see, it comes down to how involved and invested you are willing to be. I'm probably OCD by some people's perspective. But I don't care since I enjoy it. But when you add it all up, there is a reason people enjoy digital formats and gear . . .