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- easy to rip (no requirements of command line kind of stuff)
Here, technically MP3 is the winner. There is a Lame compile in Rarewares that will encode --alt-preset standard by default. The rest are all a close second, however, since if you properly set up Exact Audio Copy, you can have it input the commandline and run the compressor for you.
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- fast to rip
MPC wins here. MPC takes less than 30 seconds on my systems, often less than 15. MP3 and Ogg Vorbis take about a minute or two per song for me.
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- low in filesize
- sound good at low bitrates
This is a tricky one. At bitrates considered transparent, MPC wins. At low bitrates (under 128kbps), Ogg Vorbis shines, but some people have suggested that AAC is better.
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- supports tagging of artist, album, track, title
- playable in Winamp
MP3 plays in Winamp out of the box (I think Ogg Vorbis may as well, I'm not as sure on that). The rest all have plug-ins readily available (right off this site no less).
In all seriousness, I think you'll want MPC --standard, but the files are larger than 128kbps, which tends to be the standard on whether something is low-bitrate or high-bitrate.