Modern sound engineering
I think he's complaining about the engineering and mastering of modern recordings rather than the actual limits on the media.
I don't buy much modern music, but I was appalled by the mastering of "Memory Almost Full" by Paul McCartney when I bought it (stop sniggering at the back, he can still write a good song or two). The first thing I did was to rip the CD and put it onto my laptop and phone, where I listened to it quite a lot, and it sounded OK.
A while back (just after I added a DAC to my Hi-Fi - see a previous post in this thread), I put the CD on and came to the conclusion that the sound engineering on this album is just crap. It's a mainly acoustic album, but it's been pushed so that it's right at the top of the dynamic range, and as a result, sounds terrible on a decent HiFi. It actually sounds like it's clipping frequently. I guess that the rip I did (using one of the Linux MP3 encoders) must have cleaned it up. Either that, or the DAC or the pre-amp in my Hi-Fi amp is being pushed beyond it's capabilities, but I don't hear this on other CDs.
Paul is a pro, so I guess that either his hearing is dropping off, or he's never listened to the CD. I cannot otherwise imagine how he let this audio mess (just shut up, I think the songs are quite good) get released.