My Olive Musica (250 gb) has 135 albums on it (FLAC lossless compression) and reports that it is 80% empty, so I epxect that I will get 500 or more albums on it. I can add USB-attached drive as well.
JLM, if that's enough storage for you, based on your questions, you may want to consider the Olive. It is easy.
LoneWolf -- yes, I've done analog recording. It's not as simple as ripping CDs (which is literally just a matter of inserting the disc and waiting for it to pop out). It's a multi-step process. I have to consult the documentation when I do it. After recording, you go through and confirm that the tracks are divided in the right place, and after importing, go into a web browser and "name" the tracks (if you want them named). I don't suppose it's any worse than any other recording system, and probably better than most. I don't have to move my turntable and pre-amp to my computer and hook them up (huge) . It's a beautiful thing to have the Musica inserted in the stereo cabinet instead. It autodetects track gaps (at least, initial guess) and recording level.
In terms of sound quality - I notice a slight loss of "presence". I would compare it to a good tape deck without any tape hiss. I'm not sure how much of this has to do with the input of the Musica, and how much has to do with the output. I hope to get some of this back with the addition of an external DAC, but havenot done so yet.
For those wondering, Red Wine Audio will not modify just the analog input, they do the whole mod only. Also, the Opus has the same analog input as the Musica.