Sure it can be transferred but can you "read it". Migration of the data to a viable format that can be read is always going to be the big question as we move forward.
Sure you can.
1. It is much easier to transfer digital data to a new form than it is to change analog. No more making a dub in real time, but just instantly re-coding some 1 and 0s.
In regards to file formats/file format specifications conversion could become problematic. -> one aspect of the Open XML vs OpenDocument discussion.
This link to a Marvin Gaye clip has been posted before and has nothing to do with the topic at hand but I post it anyway: http://youtube.com/watch?v=Y9KC7uhMY9s