[ScottBurson]

When I ripped my LP collection I first saved each recording out as FLAC (16 bits @ 48kHz), then re-exported it as VBR MP3. Audacity (a Mac recording app) makes this easy. I keep the FLAC files on my home server for future use (or for when 1TB microSD cards become cheap :-).

[thirdsun]

While it's not cheap I recently got a 1TB external SSD ( http://www.samsung.com/semiconductor/minisite/ssd/product/po... ) in order to be able to take my whole lossless collection with me if I need to (in addition to the NAS at home). Admittedly, music doesn't need an SSD drive but I won't buy any spinning drives these days. Plus, this thing is incredibly small, robust, bus-powered and very performant. Great product.