Your distribution is free and instantaneous. And every university student has access to the web. You generally don't have to worry about platform issues, memory, or computer speed. Again, no contest. The edge narrows a bit if you want to charge people a fee for access.
Users generally avoid web sites that charge a fee and implementing fee based sites is difficult.
But the applications you create on CD-ROM will one day be obsolete. And because much of the information on a CD is embedded into the program you build, it's almost impossible to deconstruct and re-use the elements. At higher educational institutions, the web has become almost as ubiquitous as the telephone. There's no reason to believe the trend will change. Because most of the information exists in separate files, media elements can usually be repurposed pretty easily.