I think it needs to be bigger than Micro SD, more surface area for art than a thumb drive, but a CD is too big I think.
A game boy cartridge would be a good size I think, or perhaps a credit card.
I would love a box of credit card size memory sticks. I could could flip through them, share one with a friend, carry them around. More physical that just moving files on and off my phone.
One card for each band perhaps, or each author. All of Tools albums, or the collected works for G.R.R. Martin.
It would be nice if you could just place the card on you phone and the phone just reads the data and plays the music. Or rest it on your laptop and browse it like it was a drive.
It would never take off, but nice to dream about.