Personally, my experience with Exact Audio Copy has been mixed at best. I have spent hours scouring the net for info on it, and configuring it, but I still get a very noticeably click at the start of every cd I copy with it. Others swear by it, but I gave up out of frustration.
I use the SHN (shorten) format frequently. Its a lossless format and currently in vogue among those who trade concerts. Its files are roughly half-way in size between mp3s and WAVs. There is a very nice free utility called mkw Audio Compression Toolkit that makes converting from SHN to WAV or to MP3, or vice versa, a simple matter of drag and drop. There is a simple patch or mod to WinAmp available to allow WinAmp to play SHN files directly. Go to
www.etree.org for more info on SHN and these utilities.