FLAC or lossless is the way to go.
You really aren't losing that much sound quality. And ya to be fair, CD quality isn't perfect...but unless you're an audiophile that has high end earplugs or sound system (like myself)...then it really doesn't matter. The difference in putting them in a 500 CD machine and putting them on a hard drive is not waiting everytime you want a new disk in and you can mix playlists. Just saying there's a lot more versatility
You aren't losing any sound quality using FLAC or any other form of lossless media, since its lossless.
I rip all my music in FLAC format. Its a compression for audio that works flawlessly, yet doesn't lose any data, unlike with an MP3.
I'm one of those people that can tell the difference in bit rates, if MP3/OGG files are used instead of real CD's.
Ripping CD's one after an other can be a awfully slow process though. One of those CD changers in a PC unit would be amazing if they could talk to the PC, through winamp or something, so you could select all the CD's in folders, and it'd play from the changer, haha.
Or a way of using it to one after the other, rip onto the hard drive in a lossless form.
Foothead, I agree with you completely.
That device does have a Optical Audio Output, so if you had any speakers that supported that, you wouldn't lose any quality.