How is user's preferred way ?Let's start with the beginning:
ripper:
EAC 0.9b4 , it simply rips anything

, so no needs to update, alternatively EAC 0.95pb3 might work also.
EAC secure mode, accurate stream,
no c2 usage,
Test & Copy , to
single tracks, EAC's non-compliant cue sheet.
ripping to 3 formats in different target bitrates & purposes at 1 time during EAC's ripping&tagging&encoding step:
by mareo.exe:
1. Lossless: FLAC (v1.2.1 at the moment) -8 -V , best compression & quick enough for P3 @ 800 MHz, Win XP.
Purpose is listening at home in HiFi, which means High Fidelity, listening music as natural as possible like played live without amplifiers, speakers.
And yes, iirc, my 1st and only Lossless encoding to Monkey's audio was a long time back,
then switched to FLAC, then had a time, when I used WavPack,
and now since some longer time already again, back to FLAC,
which I will keep as Lossless format, because it has the broadest hardware/industry device/playback devices support.
So: No propietrary formats like SoNever, VerySmallSmooth or Oranges,because their devices are and have been too expensive, and even too low quality, bugs and even less playback features than no-name Al-Cheapo Asian devices for USB & MP3
2. Lossy as small sized (
ca. 265 kbit/s vbr bitrates averaged) and
cheap backup for the Lossless, as transparent as possible, even after transcoding to mp3 or playing by Logic7/DPL2 DSPs, as Lossless replacement, in case the Lossless data is lost. Additional small = reasonable sized on laptop HD for having perfect music on the run.
My favourite is here
MPC (v.1.16 atm)
--quality 8 --ms 15--xlevel3. Lossy MP3 for
daily usage in noisy environments, fast food music, ie. listening in car or during running/sports outdoors.This means
MP3 Lame 3.97 (only stable versions, previously 3.90 Dibrom compile)
-V5 --vbr-new , ca. 125 - 150 k VBR.
This due to simple usage and widely support by cheap but good players like USB sticks, think of running through the woods and hills outdoors with earphones and USB-stick or connecting the USB-MP3-stick to your Kenwood car-radio system, maybe via Cassette-adapter or via FM-radio frequency, or directly via Aux connector, or directly the USB connection to modern car-radios.
Sizes are MP3 V5 ca. 130 - 135 k vbr, to MPC quality 8 ca. 265 k , to Flac Lossless 700 - 1000 k, maybe 800-900 k average, but very dependent on the albums/music collections.
This translates to sizes of MP3 Lame V5 / MPC quality 8 == 1 / 2
and
MPC quality 8 / Lossless FLAC == 1 / 3 --- 1 / 3.3