It would need to be expanded to support all formats. This is important because of releases that have multiple types of media contained within. This is mostly found in the computer sections which can come with various type of floppy disk or CD, or CD and DVD, or in some EU cases where it can be a combination of cassette, Hitachi 3" Disk and the more common sized floppy disks.
Ideally, you could choose the media type on the edit screen only, and that media type would show as an option. If there are multiple media types, you can have additional entries.
For now, we can put this information into the description field.