When I ripped my CDs I transferred everything to thin sleeves and got rid of the plastic jewel-cases. It was a pain at the time (and kinda sad to not be able to keep all of the paper covers; the booklets fit at least), but not it takes up a lot less space (in the cellar). 

Anyone have binders they recommend?

Going through all that music felt like my very own John Peel Archive without the memorabilia.  I might want to jot notes on each item to help me remember interesting things...

I rip all of my CDs to flac.  I can reburn a CD if I want to and I can encode into whatever the lossy flavor of the time is from the flac archives.  I use ogg vorbis for lossy encoding.  I use binder pages like http://www.sleevetown.com/cd-binder-pages.shtml and fill up binders with CDs :)

Thanks Mark Keisler 

Considered going with flac, but 320k is about the limits of my  hearing (128k definitely wasn't!)  Would've gone ogg/vorbis but still needed to support iTunes without pain..

Yeah, I initially ripped everything to ogg/vorbis and then had to convert it from there to MP3 to get it onto an iPod, oops.

I don't really rip into flac because I am some audio snob, Paul Lindner .  I don't actually listen to my music from the flac files. Having flac archives enables me to avoid ripping all of my CDs again when I need the audio in a new format.  In a few years hopefully people will stop using mp3 and some new format will be supported by all audio players and you'll want to rip into that :)

I never had to go through a full re-ripping exercise. Instead I discovered an exclusive file-sharing network that was absolutely obsessed with quality. Share an album with a typo in a track name, or the year field not filled in, or worst ripped with a constant bit rate, and you would be summarily kicked out. So I pirated hundreds of albums that I already legally owned.

I don't have a good solution for tagging, but I get the impression the artist/album/track info from http://musicbrainz.org/ is high quality.