Well, here are my 2 cents:
I also use MAC for archiving my rips. It gives slightly better compression than WavPack and FLAC, the tagging is fine, and it is fast ENOUGH.
I had one cd image which I compressed with mac 3.97 that did not decode with mac 3.99, out of around 20, but it decoded fine on MAC 3.97, I reencoded, and was satisfied. The MAC gui has a verify, which check the files after packing. In case of doubt, I would suggest to check the files before archiving.
The error DETECTION for MAC is more AS robust AS FLAC, since, as posted above, it has an md5 of the audio data and a CRC per frame, but I am not sure about WavePack (CORRECTED ACOORDING TO INFORMATION BELOW BY jcoalson). I am not sure which method the MAC front-end uses, but I gess it uses both. So as far as error DETECTION goes, I suggest to stick to MAC. Besides, there are ways to decode through errors. You get a glitch on the audio, but most of it is fine. For fast checks, I use
QuickSFV to generate MD5 sums of the files, and check after I burn.
I use par2, quickpar (links above) and and
ICE ECC to generate error correction files. ICE ECC is faster than PAR2, and you can generate correction for full directories, but if the filenames aren't the same when it checks, it doesn't recognize the files. It is a problem specially with long filenames, which nero truncates when burning. Also, if you change the file name or directory structure before burning, or miss one file, it will complain when regenarating the file. However, PAR2 is easyer to use at command line, which is fine to to program that uses so much time. Make one script (or bat file), let it run, and go to sleep. I have not been able to use ICE ECC from command line, but I didn't try very hard. And PAR2 files will be recognized even if the name is changed. Besides, ICE ECC has a very handy option, to fit the amount of recovery blocks to a certain size, say DVD or CD. I didn't know about dvdisaster, I discovered on this (lengthy) thread, but seems worth a look. I still prefer to keep recovery data on the DVD, thought, than make it after I burn.
I burn my rips to a DVD, for a lot of reasons. But when looking for my 100 and counting back-up DVD's, I am considering buying an external HD case, and a big drive. In the long run, will be cheaper. I store a copy of ICE ECC executable (it works without installation) and the MAC command line encoder on the DVD, in case they dissapear.
I think RAID's are cool but overkill for what you want, and I particularly don't trust them very much. The biggest problem is if you'll be able to read the media, be it DVD, CD, or even SATA drives for very long. I once had to find a 5-1/4" drive to read a floppy, and it was quite hard. I believe that with DVD's or HD's you won't have to change the medium so often in your lifetime, but one day you'll have to move the data to a new medium.
This post is long, the thread is even longer. I suggest to make a new thread about which is the best medium and recovery strategy for archiving.