Here's what I do. I rip cd's to wav using EAC (no brainer, perfect rips, and grabs the tags, title info, etc from the internet via freedb). I use the method called "copy image and create cue sheet" for an entire album per file. Don't worry the wav file has a little sister pointer "cue" file that simply holds the title/track/song length info that was gleaned off of freedb).Then I take that perfect rip and do two things with it:
1) using a simple piece of software called Daemon Manager I mount the rip (yes, daemon manager makes a virtual drive and all you do is right click on it, mount the cue file you just ripped, and then Itunes sees it as a cd and brings in the track info etc.). It imports to Itunes at about a 20x rate (cuz it really isn't a cd but a perfect file) and I use 224 aac set up in iTunes (instead of mp3, for example, cuz it sounds sooo much better and compresses well). After it's done, unmount via right-click, and mount a new file you ripped.
2) After I have ripped 20 or so cd's I load them into the FLAC front end and encode them in FLAC in almost like a batch process, (meaning hit "encode" and then they compress into FLAC at about 1-2 min per cd).
Then I delete the wav file (no longer needed) but keep the associated cue file (1-2kb), which I'll mention later. The itunes library is on my main hard drive and doesn't use much cuz AAC is lossy compressed. The FLAC library is on a second drive (or external, whatever) and although compressed, is only compressed about 45-55%...but completely lossless. FLAC will be read natively by Squeezebox, and I keep a copy of the cue file (the small 1-2kb file that EAC makes along with the wav file that stores the title/track info) in a folder just in case I need to reburn a cd for the kids or the car, etc. (Doing that simply requires loading flac files into the flac frontend and then decoding back into wav....again only needed if yo uwant the original wav file to burn a disc or whatever). I keep another copy of the cue file in the flac library, but this cue file needs to have "wav" replaced with "flac" in line 3 or so of the file, where it refers to the sister file containing the actual music data. Easy, just open it with notepad and make the change; takes about 5 seconds per file. So now you have AbbeyRoad.flac, AbbeyRoad.cue (edited to point to AbbeyRoad.flac) and a separate folder with AbbeyRoad.cue (unedited, pointing to AbbeyRoad.wav, which will automatically be the name of you wav file if you ever need it).
All the software you need is freeware. Flac front end can be found at
http://flac.sourceforge.net/EAC can be found at
http://www.exactaudiocopy.org/There are tutorials for setting it up all over the net. My fave is
http://users.pandora.be/satcp/tutorials.htmDaemon manager is here
http://www.daemon-tools.cc/dtcc/download.phpHope this helps