I even see us having the ability to copy the entire internet while we sleep to our compuers...
Another reason that compression is still necessary: Even if we can solve storage limitations, we still have data transmission bandwidth limitations to overcome. The bandwidth problems will be solved at different times than the storage problems, so in the interim periods, we still need data compression.
Interesting application for the extra storage, though... super-caching in advance during idle time. There are already products which do this, it's just an interesting idea to do it on the terabyte scale. Wouldn't make the phone company happy, though, they've got capacity problems as it is.
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Tony Fabris