As one who has a large collection of CDs (many are older than sin and not available anywhere in digital format) ripping them is rather simple. Windows Media player does an adequate job of ripping.
If you are an audiophile, then you will certainly appreciate playback fidelity of 320 Kps vs the standard 192 Kps; think 16 bit vs 64 bit. Yes, selecting the higher speed will consume more memory, but as an audiophile choosing between "memory space" or "fidelity playback" is a no brainer choice.
If your media player is capable of playing FLAC Lossless, you might consider it--but most people's ears can not discern the difference.