Two weeks back I went to make an MP3 (128Kbps Radium codec) backup of my Faith No More Live album.
Shock horror - the CD is deteriorating. If I remember correctly it's flaking at the edges.
I have maintained an extensive collection of MP3s (95% my own CDs) for a few years now, and had recently begun to think about a better backup approach. I was at that time simply considering LAME 192Kbps VBR MP3. I know, I know...
However, now I am a lossless codec convert. I first came across Monkeys Audio well over a year ago, but never really did much with it.
I have been twisting and turning about whether to go with Monkeys Audio, FLAC or LA. Until this morning, when I read this thread, I was going to go with LA (even though it gets little press here), as its compression is definately superior. However, I may now go with the mid-point of these three - Monkeys Audio (Extra High). Who knows, tomorrow I may decide to go with FLAC (-8 / --best).
I don't see much point into getting into yet another "Which codec is best" debate - horses for courses/personal preference/weird Linux users/etc. I have been visiting these forums now for around two weeks, and I think I have seen enough to realise that there is no definative answer to this.
My question takes another tack on the "I want to backup my CDs" route:
What is your medium of choice?
CDs (surely not)? DVDs? Internal Harddrive? External Harddrive?
I know this may be slightly off-topic - but I would suggest that most lossless users are backup freaks, and therefore I see this as relevant, or at least of interest.
I have always been concerned with the longevity of CDs (see sentence 2). Are DVDs any better? NB: I currently only have a CD burner. If I get them all onto a 120GB hardrive (most likely external - whose transfer errors also concerns me) and only ever use that drive once in a blue moon, i.e.: if I discover that a CD has spontaneously combusted, will it last until I die?
I would be most interested to hear from users who have backed up to DVD for a while, or who use external (I have Firewire) hardrives. Oh yeah, and hot chicks. A hot chick with an external hardrive!

