Comment by SloopJon

> That being said, I think flac is generally a good choice for a music collection.

One other consideration for a music collection from CDs is getting a good rip in the first place. I've had some horrible rips in iTunes, even with error correction enabled. I have much more confidence using a tool like XLD that supports AccurateRip, which probably doesn't work with a lossy format.

If you want to transcode after the rip, fine, but you may as well hang on to the FLAC.