One caution about MP3 (which you've probably heard) is that it is still
"lossy" compression. That means that part of the sound is simply thrown
away as "unimportant."  That makes MP3 a very efficient format for file
size reduction, but once those bits and bytes get tossed, they are just
gone. 

MP3 files can sound awfully close to the original on many systems, but
if you upgrade speakers or an amp, you may end up improving your
system's resolution to the point that you can distinctly hear the
difference between the lossless and lossy formats. Your only choice
then would be to re-rip your collection if you wanted the higher audio
quality. 

Since I spent several months ripping my collection (and hard drive
space is cheap these days) it made no sense to me to use the lower
resolution format, especially since I can hear the difference on my
current system. 

Obviously your call on which format you use for your collection, but
the above is just one more data point to consider in your evaluation.


-- 
mlsstl
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