The reason error correction is slower than ripping without correction is that actually corrects errors. Always leave it on.
Further, error correction is the reason I ditched my expensive CD-player. With a computer ripping the CD, and not playing it directly, or having a limited time to correct, there will be fewer errors, and thus better sound as it was intended to be heard.
Besides that, I'm with velocity on this one. Go lossless if for nothing else, then because it's future proof. One day you can convert your lossless files to MP3 (or MP4) in, say, 64kbps and put in one a player. The next day you can convert the same lossless files to 256kbps MP2, and the third day you can convert the lossless files to wav or aiff to use in a project.
And the audio is better than lossy formats.