I've rip the "Tracy Chapman - Tracy Chapman" album into the HDD, total size is 194MB for the whole album.
I like the APE cue list as it will arrange the tracks according to the album without needed me to manually to create a playlist to it.
I've ripped the hundreds of CDs I have numerous times to different formats (and this is just in the last year and a half).
APE, FLAC, Window Lossless, Back to FLAC, now I'm back to Windows lossless, with a second mp3 copy.
To me it all depends on the players you are using it with
For me using a Squeezebox, Xbox360s and WMC. Windows lossless just works, and with my WHS MyMovies plug in, I can rip to Windows Media Lossless and also have a second copy ripped in mp3 "automagically" in a different directory for my droid.. so that's my current flavor(s)
APE was the least unfriendly, FLAC plays nice most places, but WMA Lossless, is working for me now... again, depends on your preferred players