Personally, I'd re-rip all of my CDs to FLAC first

yeah, was playing with that idea. i've been hearing APE has better compression though. i'll be encoding like this i guess.
eac->flac->ogg -q6

Now all I need is some terabyte backup system to back up the FLACs in case the hard disk fails

i've been playing with the idea of using dds3 tapes for permanent storage without degregation. yeah, its only 12gigs, and in convenience, burning to DVD would be better, but dvds do degenerate over time. exabyte has several 40gig tape systems that would be optimal, but its way too expensive.