I haven't had many problems getting bootable CD-ROMS to work on modern systems. CD-Rs are cheap, disposable and ubiquitous (well, CD-ROMs are ubiquitous), but have hundreds of times the capacity and are many times faster than floppies.
The thing I hate about floppies is their lack of fault tolerance. CD-ROM/CD-R/CD-RW all have error correction built into them, so when (not if) the disk gets scratched, the system will usually reconstruct its data and keep working. Floppies have none of that. I've had floppies go flaky in a matter of days, and there's nothing I can do, short of making multiple copies. Most floppy disks are made so cheaply these days that they can't be relied on anymore.
The only thing keeping CD-R/CD-RW from replacing floppies entirely is the difficulty in writing to them. I know DirectCD partially solves that problem for Windows users, but that comes at the expense of compatibility, because DirectCD uses UDF instead of ISO9660, and UDF isn't universally recognized by most systems yet. If writing to a CD-R or CD-RW was as simple as dragging & dropping in (insert favorite filesystem explorer or GUI environment here,) or "copy foo.bar d:" (or "cp foo.bar /mnt/cdrom" for Linux/Unix) and that disk could be read everywhere - Unix, Linux, MacOS, Windows, etc., the floppy would be GONE.
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