Five years ago the situation was the same here. You talking about "multiple music stores" in two (what I understand to be) not too large towns is just one sign of the development you seem to still have ahead of you there. Talking to my sister who lives in the UK about how her friends consume music shows a surprising lag in technical and market development there. Possibly Ireland is somewhat similar. But it'll come to you, I promise!
When you say that "I just do not see a time where the vinyl will overtake the cd because a) the cd is more compact/modern and the sale of digital downloads will greatly hinder the sale of vinyl" it seems you have completely missed my point though, because (a) vinyl and digital do in no way compete with eachother and ( it's digital that kills cds, not vinyl. The vinyl is a bi-effect of the transfer to digital.
Anyway, a murmurs member reported elsewhere that Peter "has that record already recorded with him singing all the songs, but they will change the vocals to guest singers most likely".
CD Sales are not declining just because they are out of date, but also because the vast majority of people no longer need or want to own a physical copy of an album. And this also applies to vinyl.
Secondly, "Anyway, a murmurs member reported elsewhere that Peter "has that record already recorded with him singing all the songs, but they will change the vocals to guest singers most likely". - where did you hear this?!
Just thinking about the way Scott will be on the album, since the majority of Scott's projects feature Bill Reiflin on drums, imagine if Mike did a bass/guest vocal spot! we'd practically have an R.E.M. Track