Personally, I feel colour film gives a very unique feel that digital can't really achieve easily. If you take an expired film, expose it, though the colour is a little off, yet to some people, like me, it's pretty interesting feel.
Take a colour negative that was exposed a few years ago, scan it, you will also find that the colours are off a little, and yet yield pretty interesting result too.
Digital is good for vivid colour reproduction & superior in some areas to film. In most cases, people looking for "sharpness" of the lenses, closeness to the actual colour representation, film is less convenient to achieve (and hence more expensive) than digital. That's why for professional work, digital has evolved and many businesses/professionals have switch to digital on cost perspective.
However, there are still some things that digital still can't match. The nano-second differences in shutter lag, the time taken for the circuitry to send signal to the CF/SD card, makes digital slightly slower than a normal film camera. To many people who don't realise this, it's not a big deal. But to some people who want to capture the exact moment on the street, the emotion shown on the face, it makes a hell of a difference.
Personally, I like colours and grain on the film as it's closer to my heart than an image produced by a sensor. But I believe over time, sensor technology will catch on and be as close as film without the need for sitting in front of the desktop adjusting the levels, colour balance... etc.. etc. I think M8 is close to that. But at S$7+ price tag, not many salaried workers can afford. But for professional use, M8 is a cheaper tool compared to the DSLR full frames or the medium format digital.