1 GiB was good back then.Gathering up the right hardware would be a challenge, but Sony did release Hi-MD which could store 1 GB on a single disc, and I think some of the players had MP3 playback support. That's like 300 songs or so on a single disc. Granted, if they wanted to bring back that form factor, they could do a whole lot better now (Mega Mini Disc...)
I do agree with you though, I'm a fan of MDs, I have a MD walkman and stereo deck at home and I still use it from time to time.
Using Archival Disc density of 166.6 GB/layer on a 120mm Optical Disc, I estimated that a updated Mini-Disc could have ~45.7104 GiB per layer of data storage.
With a average complexity of up to 7x layers or 319.9728 GiB.
That's using Blu-Ray & DVD style disc manufacturing, the simplest known forms of Optical disc making.
4x layers on the clooser Blu-Ray side, 3x layers on the DVD side (HD-DVD used the same tricks).
Imagine having 319.9728 GiB of High-Fidelity music that was better than CD quality.
24-bit Integer / 48 kHz Practical Higher-Fidelity audio on a Mini-Disc format.