I also recommend the mp3 - iTunes combination... and I own an iPod!
I like iTunes for ripping, because it relegates the task to the background very well. You can configure iTunes to (upon insertion of an audio CD) go out and poll CDDB for the CD and track names, rip to your preferred encoding level (I recommend at least 192/VBR) then spit out the CD when it's done. All this can be accomplished while listening to your (now growing) library of existing mp3s and working on something else.
Just keep a stack of CDs near the computer. Pop one in, away it goes, lather, rinse, repeat when the CD pops out.
AAC does, IMO, result in files of slightly better quality for a given size, so if space is really tight, you may want to consider it. However, mp3 is much more of a
de facto standard. If you end up not purchasing an iPod, you can load mp3s up to just about anything else out there-- not so with AAC (or WMA, for that matter...)
Monkey's Audio, flac, and other lossless forms are great, don't get me wrong... However, as others have pointed out, they still result in some pretty big files. And I don't know of a stand-alone player (ala iPod) yet that can decode them. Besides, you've already got them in long-term storage in lossless format: the original CDs themselves! Since you'll be listening to your ripped version now, your chance of losing or destroying the original CD is greatly diminished. Keep them safe in a cool, dark place and they'll be good for years to come...
--Brett
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I lurk, therefore,
am I?
[This message has been edited by BrettJB (edited Feb 04, 2004).]