I have about 600 cd's to copy and then i can sell them as i need the space !!
either that or i just use "spotify " . But it only seems to have 'tribute " bands now ?
When you say sell them, obviously you mean put then into storage, right? ;D
If you're ripping them for archive purposes, go for the highest bit-rate you can afford space wise. If you want to then listen to them on an iPod, especially one with limited space, you should be more considerate.
256kbps AAC is almost indistinguishable from a native CD, even on modelstly high-end equipment. If you have a $10,000 amp and $25,000 speakers, you may disagree, but otherwise it's good enough. IMO, AAC sounds better than MP3 at the same bit-rate.