For use with my new Minidisc recorder, I've been working to move all my CDs to MP3. It's taken months. I finished Saturday, April 1, 2006 at around 9:30 PM.
For the curious, I rip using Exact Audio Copy, then encode via Razor Lame optimized for quality over speed, using the Lame 3.97 codec on Variable Bit Rate minimum 128k and maximum 256k and Quality value set to 0. The full collection takes up just under 200 gig of storage space. I have a dedicated 300 gig external hard drive to store the files.
Here's a link to a MDI file that lists all the CDs I own, if you're interested. Download here