4 years or so ago a 128 MB CF card cost a fortune, and that was about as big as you could go. So a microdrive was the only large-capacity storage option, and it was much cheaper per megabyte than flash memory.
Since digital cameras have become so widespread the price of flash memory has plummeted, and the capacity has increased many times over.
So at this time a Microdrive is only reasonable if you actually need multiple gigabytes of storage on a single CF card.
Dan East