Lifthrasil: What? No one mentioned the
Power Glove yet?
Oh, and then of course there were
magneto-optical drives and the
Zip-drive, which was seen as promising for a short while, before the CD-Rom killed it.
I think the thing that really killed them was the USB flash drive, and the fact that Zip (and similar) disks were individually too expensive.
CD-ROMs did have one significant disadvantage; you can't re-write them that easily. That is, you can't easily just add or change one file, and re-writing a disk (or even writing the disk for the first time) required special software; it's not just as simple as drag and drop. Floppies didn't have this issue.
The main issue with Zip drives, aside from the cost of individual disks, is that zip drives were not a standard component of computers; if you want to load a file on an unfamiliar computer, there's no guarantee that it will have such a drive. Therefore, Zip drives were unsuitable. This actually meant there was a time when there was no good option; floppies had low capacity and were unreliable, CD-R(W) is a bit of a waste for small files, and Zip disks weren't guranteed to be usable.
USB flash drives solved all these issues; you could easily write to them without special software (and without having to rewrite the whole disk just to make one little change), you get good capacity and reliability, and computers were guaranteed to have USB ports. (I believe USB ports became common before the devices that used them did.)