I exclusively use alt preset standard. However, with continuous albums (live etc), you get the slight dropout between tracks. I have not worked out a neat way to do this. It is possible to modify the LAME code to get gapless playback, however it's not possible to integrate that easily into EAC since it requires all tracks to be encoded at once by LAME.

And I agree with Tony. I use MP3s because of the abundance of tools like tag editors, players etc that support MP3. I may switch to Ogg when it comes to v3, but I am happy with alt preset standard and haven't really found any source music that results in artifacts I can hear.