I did that and have been quite pleased with the results. I have an achive of FLAC files (about 140GB) of my CD's. I got all of the tags correct and never have to worry about getting them righ again. The CD's are now in storage since I play my music at home from the FLACs. I wrote a shell script to convert them to mp3 or ogg or whatever whenever I need another format - which is much faster than re-ripping and all.

I Highly recommend doing this. Now all I need is some terabyte backup system to back up the FLACs in case the hard disk fails