I'm a much bigger fan of physical lists for things that aren't mundane, such as grocery lists, doing laundry, things of that nature. For bigger ticket items, obligations involving others, goals, and other thoughts I'm a fan of keeping a journal in something like a Moleskin and using something like a white board for physical to-do. The tangible nature of writing and having to put in that thought creates a stronger connection to whatever that thought or obligation is, and allows me to better digest it bit-by-bit.
Even though I rarely lose things these days (knock on wood), I feel nervous having everything in one place that's not backed up. That said, I make so many physical lists on these 7x3 inch legal pads that I have a zipper envelope to carry them all around. I love writing and indenting and making arrows and crossing things out. But it'd kill me if I lost it midway through the semester.