I ripped everything to FLAC and then used flac2mp3 to create lower bitrate MP3's in addition to the lossless files. I don't need 320kbs for portables or the car. So, for the price of some processing time and another small, cheap disk drive, I have the universal, portable versions and the hi-fi versions.
MediaMonkey seems to be a pretty great application, too. I believe if you purchase the modestly-priced pay version, it will convert from FLAC to MP3 on-the-fly when you sync to a portable device.
bibere usque ad hilaritatem