There are many obvious advantages to digital substitutes: speed, accessibility, etc... And if digital media can meet or exceed the parameters of human perception what is lost in substituting digital for analog media can be unclear.
LED or RGB digital color is fast and convenient but it is inherently a programmed approximation. The spectrum of color that is visible when light passes through a film membrane reflects the spectrum of light captured during filming. Input reflects output. There is no approximation. Even though our eyes cannot recognize all of the colors in a film, the source of information is true. Digital color is programmed to mimic analog's infinite spectrum of color. Even if digital color is a very good approximation it can never be a true substitute. The digital experience is doubly mediated (first by human perception and second by digital approximation). The correlate analog experience is mediated by only human's physiological limits. It is hard to know what is lost by this secondary mediation but it can often be sensed, if not articulated. The colors in-between the colors we can register are imperceptible but they are there. Perhaps such imperceptible increments, whether they occur in social, aural, or color space, are more vital than we realize.