I have both. The 2004 (not sure if that is the case for the newer ones) is in two volumes and my husband says it reminds him of the old telephone books.

We tend to use the boks more than the CD for the simple reason that it is easier to sit out by the car with the book rather than lugging our not-a-laptop computer to the garage.

That being said, the CD is invaluable for re-printing pages that keep getting all gunked up.