These are all good points mentioned above. A few extra comments from my experience:
1 - To Phillipe's point on MP3 vs FLAC - while from an audible perspective Phillipe is correct - it would be exceedingly difficult to tell flac apart from 320kbps mp3 - a flac or other audio lossless codec will give you a bit for bit identical backup of the original CD, mp3 will not give you that. Then, if you need mp3 or other format in the future you can always convert from the source flac files to whatever format you need. This is a good future proofing solution. Up to you if bit for bit identical back up is important to you or not, but as Jason pointed out, hard disk space is cheap these days and only getting cheaper.
2 - Research and make a plan as has already been suggested. Getting the files and tags and album art all done at once and in a standard way will keep you happier and save you a lot of headaches in the future.
3 - Backup! Even before your done the whole conversion, make regular backups. Hard disks fail for no good reason and you do not want to lose dozens of hours of work!
If you need pointers keep coming back as many of us have digitized our collections and we will all have some advice or different points of view to share.
I personally use
EAC to rip my CD's to FLAC, then use
MP3 Tag to make sure all of the album art, artist and track tags are the way I like. EAC gets it all mostly right, but I find the fine tuning with MP3 Tag helps. Although the name is misleading, MP3 tag fully supports flac file tagging, along with many other formats.
There are many ways to skin this cat, so research and pick what works for you. Good luck!
