Sure flash drives and CDs/DVDs are all the rage right now, but what about in ten years? .....
Electronic storage is easy to update, but for safety, print it out and put it somewhere you can reach quickly, that EVERY responsible family member knows about.
I disagree. I have digital photos that I took with a Sony Mavica - it used a 3.5" floppy. I have email messages I wrote on an Apple Power PC 650 using OS 7. I have videos I shot on VHS in 1986 and I have files I created three years ago on a version of Visio that I don't use anymore. None of these files is any less accessible to me than the day I created them.
Media comes and goes, but prudent data management lasts forever. Yes, now and then I need to transcode something (for example, I had some pictures from a "Quicktake" Kodak digital camera that uses odd compression and they needed to be converted to standard JPG).
I feel far more comfortable with some RTF documents on a FAT formatted USB drive that is backed up in 5 places automatically via my dropbox.com account than I ever would with a stack of papers in once place only. Paper is very handy for a lot of things, but for me, this isn't one of them.
As to the point of NOLA and that scenario - it's important to note that while some records were lost, nobody - and I mean nobody -was unable to get medical care as a result of lacking medical records.