Film is a photochemical Process
It's hard to imagine in the age of instant images, but Film used be a photochemical process. After shooting you would have to wait a day for the film to get processed and you couldn't see what you were shooting during production!
While I think it's great that we can get some amazing footage with HD technology, I feel like something is lost when Film students do not have to wait to see images or plan for the expense and difficulty level of dealing with Film. People shooting Film tend to be very careful with their shots and are more careful with production planning.