In my opinion, they are. That's why I stopped collecting them, now I only buy the films that I really like, or else I'll just rent them. DVDs take up too much space, and it's pointless to own a crap load when you're only going to watch a film once or twice a year. Plus, the format changes with time, so it's pretty much useless to stock up on DVDs. I agree with the last poster though, it's good to have a appreciation for the movies you love. To not sound like too much of a hypocrite, I'd probably still buy DVDs today if I had the money but I ain't made of cash, unless you are rich person that's got money to waste.
But that's just me...