I'm not convinced audio engineers are having that argument anymore (which is more the audience of IEEE). I get the impression from an engineer I know who's specialized in digital signal processing, and who's done a significant amount of analog work, that anyone who's still having some of these arguments doesn't understand some of the basic maths of the problem space. That basically, you can always digitally encode an analog signal at a higher resolution and fidelity than you can reliably read said signal at any given technology level/pricepoint. Which means that using an ADC -> DAC pipeline will almost always give you better audio output with better signal to noise ratios than strict analog -> analog systems (though possibly at the cost of latency).
Where it gets tricky, is the arguments for how things like tube amps sound. There is nothing that analog components add to a sound that can't be simulated with digital transforms, but the trick is figuring out how various analog components effect the signal. For instance, my friend found that certain tube amps would overdrive components and force them out of spec, and this caused a non linearity in the response of the signal coming from the component that gave the amp it's distinctive distortion effect. Once he figured that out he was able to reproduce the effect digitally. Incidently, he's found that some guitar amps can never be made today, because they were built around a specific batch of a given component, and newer batches didn't have the same out of bounds responses. But this seems to be why so many people are still so big into analog amps, because it takes considerable effort (and apparently engineering skill) to reproduce some of the classic sounds.
Mind you, I'm biased by one of the best engineers I've ever met, so I could be wrong about the general consensus with audio engineers. I'm also mostly using a sample size of 1, though I have corroborated some of his assertions with some of the blogging I've read on the topic. One of the best (I wish I'd bookmarked), was a good overview of encoding by a prolific codec writer, who pointed out that even though a digitized sine wave looks lossy at a low sample rate, it's trivial to rebuild that sine wave perfectly, with just the digitized version (so long as the sample rate was above some multiple of the Nyquist frequency?).