I do identical to Miklorsmith. Additionally, I use a simple little program called Daemon Mgr to create a virtual drive (call it drive "g") and use the wav-produced cue file to load for things like iTunes import (iTunes thinks it's a cd), etc. Once the need for wav is done I use Flac front end, in batch mode, to convert to FLAC, then make a copy of the cue file with the flac extension name in it. That way I have one album-sized FLAC file with cue sheet, and a copy of the wav-based cue sheet (just in case I want to decode back to wav and burn a cdr). I delete the wav file. And finally, I back up the FLAC and cue sheets via Karen's Replicator on a weekly pre-scheduled basis.
However, all this being said, with storage getting so cheap I'm getting lazy and having Squeeze Center see more native wav files as i rip lately. I can always batch convert with the FLAC front end should I panic and run out of room.
