.......
Basically it boils down to how often and what you use your Amiga for and how much storage space you need... 
Just playing games and occasional use of your Amiga and not requiring vast storage space then CF Drives are fine... 
Using your Amiga for productivity every day, requiring vast storage space & maximum read/write speeds, and not wondering if your data is safe then for both cost & reliability HD's are the way to go...
Agree with most of the points here, but I have my favorite set-up on IDE drives which I keep as a backup. Both a 2.5" and 3.5".
All my Fav programs and games are on the setup. I don't write much N E more as there isn't that much to write. Which makes CF Cards excellent; fast, silent, and cool.
But I use a Pee Cee day to day for all the other stuff.