People seem to do this really wrong. You want to get all areas right:
* Good compression
* Correct ID tags
* Sensible folder naming
* Making a good archive
For ripping, I use EAC:http://www.exactaudiocopy.de/
You set it up this way:http://www.teqnilogik.com/tutorials/eac.shtml
They forgot a couple things:
1. Folder naming convention
File -> EAC options -> Filename
%A\%A - %C\%A - %N. %T
2. You need the Fraunhofer codec. The Audiofile FAQ has good information on this.
3. For compression options
128k/s Fraunhofer = try before buy
256k/s Fraunhofer = listen for a longer time
LAME is... lame. Ignore it.