There are a number of different approaches for ripping, storing, organizing, streaming, and playing digital files.
While the Olive approach is perhaps interesting for a single site/newcomer to the field, it is too restrictive when it comes to getting best of breed solutions for each of the component parts.
If you don't believe in having the hard disk co-located with the player, the Olive is out. If you want to manage your storage and backups in a robust way, the Olive is out. If you want the transparency and control of ripping with software like dbPoweramp and EAC, no Olive.
So, perfect? IMHO, no.