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I am currently re-ripping all my Cd’s to wav files and will encode them once I figure out which format is the best quality.

Best quality for the size is FLAC since it's totally lossless. WAV is uncompressed and the same quality but there isn't any point if you can use FLAC since it's smaller.

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MP3’s while good just doesn’t cut the mustard for my stereo.

I personally can't tell the difference between 256ish VBR and the original material. If it's that much of a problem then use FLAC or MP3 at 320kbps. EAC + LAME set to alt-preset-extreme for me.

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Vob and Obb (I know nothing about them)

It's Ogg Vorbis. Alledgely patent free etc... Higher quality output than than MP3. Tagging is more advanced as well. Not as compatible as MP3 however since most stuff doesn't support it.

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MP3Pro (yet one more unknown format)

Not supported on the empeg. It's sort of backwards compatible with the empeg but you'd end up with 1/2 the bitrate since the other half stores the extra bits that make it MP3Pro.

Most people advocate just ripping to FLAC and storing it as your archive. When the next best thing for lossy (or lossless for that matter) audio comes out then it's a relatively simple step to transcode everything to that new format instead of ripping again.