There is no need for a new format. The idea that LPs are better is hogwash. The only time LPs sound better is when they are mastered with more dynamic range than whatever you are comparing them to is.
That statement requires you to define "better". An LP, with all its limitations (a CD can contain all the information on the LP, and more), can still sound better to someone who likes that particular distortion. Or has a deeper experience because of the entire ritual of listening to an LP, caused by other limitations - cleaning it before playing, listening to the entire record in the sequence the artist/producer wanted it, look at the cover etc.