Actually CDs do degrade. I've been buying them since they first came out and I can look at some of my CDs - stored in their cases inside a temp reasonable crate inside my home - and see the oxidation beginning. http://en.wikipedia.org/wiki/Disc_rot
CDs can also be very fragile depending upon the process that made them. Older CDs that have a very thing LABEL side are the worst. Drop one of those puppies and then shine it up the the light to see the pinpricks or light coming through the damaged areas. The label side is the most fragile side of a CD and some of them take very little effort to screw up.
Given a choice I prefer to keep my CDs around but also digitize them at very high bitrates. If nothing I can always source rips from someone else and use the physical media to prove ownership if it comes to it. I prefer my media online, not on fragile CDs.
As for ripping, I've still been using Lite On hardware without too much issue. I do find that BD drives SUCK for ripping but normal DVD writers work just fine. Lite On even used to have their hardware optimized for ripping but I believe they have begun to sell out and am all ears if there's another company out there making decent drives. Honestly I'd be surprised if there was with the kinds of crap most companies seem to make...