Data points from my personal experience. Executive summary: yes, analog is more durable than digital.
a) Photos. I have many, many old family photographs on paper in albums, stored under ordinary household conditions in the ordinary photo albums of the day. Some are a century old. Many are fifty years old.
EVERY black-and-white photo is "readable" and enjoyable. That includes 1950s Polaroid photos that didn't have perfect Print-Coater applications, and some I processed at home when I was ten years old and did a lousy job of rinsing.
MOST of the color photos show enough fading to be clearly noticeable, but nevertheless "read" as "a faded color image" and carry the information and emotional content. Rather to my disappointment, fading is very clearly noticeable on Kodachrome slides kept in metal boxes in the dark, so don't give me any of that "it depends on the color process" guff. Kodak knew exactly what they were doing when they put the disclaimer about the images being "dyes, and like other dyes may fade" warning on the box. All color photos are a LOT LESS durable than silver-based black and white. It's relatively few, but I have prints from the 1940s and 1950s that have turned nothing but shades of magenta; a scanner cannot restore color even with a "restore color" setting, but a perfectly satisfactory black-and-white image is recoverable.
b) Books. Let me state this as simply as possible. I must have well over a hundred hardbound books printed before 1940, and every single one of them is in sound, readable condition, including a few from the mid-1800s. Some hardbounds printed with wartime paper restrictions are yellowed and the pages are dangerously brittle, and paperbacks that are more than about 35 years old are readable one last time--but each page detaches as it's turned.
a) Around 1998-2000 I undertook a project to "preserve" all my LPs by copying them to analog CDs. I bought good-quality name-brand CD-R's like Verbatim. I prepared neat labels for each using a labeling kit specifically made for the purpose, with a little press and labels specifically intended for putting on CDs. A few years later I read an article that said that labels that are specifically intended for use on CDs are not safe for CDs, and I panicked (I had since discarded the original LPs) and I bought a bunch of Mitsui Gold $1 each CD-Rs and made backup copies (which I labeled only with a CD marking pen). No problems in making the backups. I put the backups away. Around 2005 or so I decided to rip all my audio CDs into iTunes, and keep the CDs but rely mostly on hard drives for my music storage. Since the backups were put away, and also because I was curious to assess the state of the labeled CDs. A good 10% of the labeled CDs were unreadable, just 5-7 years after being made. I was able to read the backups. I have not had the courage to see how the backups are doing now.
b1) I lost some of my financial history on 400K Mac diskettes, not because the diskettes became unreadable, or because I didn't have a diskette drive--but because Apple dropped the capability of reading them from one OS revision to another, without warning. Sure, have been recoverable with sufficient effort.
b2) I lost some of my financial history in the form of Multiplan spreadsheet files, through pure software rot. (NOT bit rot). Microsoft Excel "always" had the ability to open Multiplan files, through three or four successive major revisions, and then it was dropped without any conspicuous warning. Again, sure, recoverable if I wanted to make the effort.
b3) I lost some of my AppleWorks documents, because although "Pages can open AppleWorks documents"--it can't. I haven't traced the exact history, but it is my belief that the same version of Pages running under OS X 10.8 will not open the same AppleWorks documents that it was able to open under OS X 10.7, that is this was actually caused an OS change, not an application change.
Those who are inclined to blame the victim will point out that all of these are surmountable with enough time and energy. But really, think about it. In order to avoid this kind of software rot, it is necessary to have in place a continuous evaluation program that takes a continuous inventory of every digital document you have, and continuously upconvert them to new formats. A task rendered difficult by the fact that many pieces of software will upconvert individual documents when you open them, but do not have any batch conversion capability.
I'm not even talking about my graduate research records on 7-track NRZI 1/2" tape...
Annual income twenty pounds, annual expenditure nineteen nineteen and six, result happiness; Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery.