QUOTE(Gow @ Oct 16 2007, 20:39)

If you are worried about ripping again in the future just rip it to lossless and store it on a DVD-/+R and pull it off whenever you decide that this lossy codec or that lossy codec at such and such bitrate is good you won't be stuck with re-ripping again. I keep a Lossless archive of all the CDs I own so I don't have to go around ripping them again (EAC Secure) and I pop in the file into foobar2000 and convert to what I want at the time.
I have to say I agree. Lossless audio does have the advantage of that you have absolutely no reason to ever have to re-rip it ever again, it is therefor the perfect archive. I like to actually listen to my lossless as well since I find that I like the sound of it better than lossy audio, but since the original poster wanted lossy for listening that isn't relevant... the archive aspect is however.
So, if you want to do storage that you can trust forever into the future, lossless is definitley the way to go. If that is not relevant to you you should just test different lossy formats and encoder settings to see which you find sounds the same as the original to you with the least used up space. Testing for yourself is better than asking someone else since people's hearing is very different between different people.