My Squeezebox from Slimdevices is my second favorite electronics purchase ever. Axioms, being first of course.

All CDs have been ripped to FLAC to be streamed lossless to the Squeezebox and I also made 256KBs MP3s at the time for my portable player. Used EAC for ripping with a script that does the MP3s as soon as the FLACs are done.

When not listening to my flac collection, I also use the Squeezebox to tune into my local radio station (via internet) to get weather and news in the morning and enjoy having access to hundreds of other Internet Music stations. I explore a lot of interesting genres this way where I might not have been brave enough to go buy a bunch of say 'world music' CDS unheard.

Oh, and while I'm not sure you can rip DVD-A or SACD, as mentioned, I have converted a lot of my concert DVDs to wav format to flac in order to listen to the live tracks via my Squeezebox as well. Some quality seems to be lost as it converts the 5.1 to stereo files but it's still very acceptable and I can listen to some great concerts on the main floor where we have no TV to watch the actual DVD.

With great power comes Awesome irresponsibility.