I converted about 1500 of my cds to mp3 a few years back - it was a great move as my music became so much more accessible. At the time - I used variable bit rate encoding - so the encoder would decide how much compression to use to each little bit of music. If you're doing mp3s - this is your best bet (space vs. quality). Now - along about a year ago I decided to go lossless and have been converting once again all 1500+ or so cds into WMA lossless files. I could have gone with flac or even apple's lossless format - but I chose what played nicest with my home audio set-up (which is windows based). With hard drive storage prices being what they are - I recommend if you're making the digital plunge with your music and finally divorcing the disc - then go lossless.

Dan