Don't use FLAK or some other monkey sound formats. Go with a real standard, like Windows Lossless, or
Apple Lossless, they just sound sooo much better.
eh? You do understand what lossless means, right? What nonsense.
One other thing to bear in mind, is that CDs often contain more audio data than just what is marked as a track in the table of contents. Some of which can turn out to be hidden tracks:
http://en.wikipedia.org/wiki/Hidden_track
You will miss these, if you just rip the individual tracks. For a complete archive of everything that a CD contains, you probably want to use something like abcde (command-line front-end CD archiving tool) to get cdparanoia to rip the entire audio stream off the CD, then store it as FLAC with an embedded cue sheet containing the original table of contents and CDDB disc-id
... You can also embed cover graphics as well.
This process is the only sensible way to ensure you've archived absolutely everything off the CD. That said, support for playing direct from FLACs with embedded cue sheets isn't as widespread as general FLAC support, so it's best to transcode to a more portable format for actually playing
...
As someone else already mentioned, the hydrogenaudio forums are the best place for this sort of discussion.
Sam.