Hard drives are very cheap now, so I'm not worried about space. Also, storing 1,000 CDs on a single hard drive takes up a lot less space than 1,000 physical CDs in my closet.
It all depends on what I'm listening to the music with. If I'm listening to music with laptop speakers, TV speakers, iMac speakers... then no, I can't really tell the difference.
If I'm listening to it with my sound system, then yes, I can tell a big difference.
good points. and yes HDD prices are ridiculously low. I'm about to get 1.5TB for $150. That's just sick.
I've thought about doing what you are doing, but only ripping Lossless since I'm perfectly fine with my high quality MP3's I've ripped. Guess I should see how much space 500 CD's would take up for lossless. I'd sure like to get rid of my CD collection. And that would mean making sure my backup plan is in top shape (thinking one of those RAID 1 Western Digital external drives).