Hi there
Ripping via Winamp IMO is the best method --especially if you want your music to be playable at decent quality.
Winamp rips to FLAC (LOSSLESS COMPRESSION) directly (as well as loads of other Codecs) and also plays back FLAC too.
MP3 is OK for Ipods with those HIDEOUS bud earphones but using any sensible set of cans most MP3 compression rates are too hideous to listen to -- artifacts, clicks etc etc.
At 320 kbs you probably are OK but if storing music on a computer where Disk storage is CHEAP keep the LOSSLESS original and then transfer this as MP3 to an ipod if you must.
It's simple to convert FLAC to mp3 or other codecs if you have to.
You'll regret it a few years later when you've probably got better equipment and disk storage is even cheaper than today. You'll say I wish I could have made a better quality copy than the 128 kbs mp3 recording you've got while the original CD is long since lost etc.
Most decent portable music players these days will play FLAC directly -- I use the TINY 8GB SANSA clip zip with a supplementary 32GB micro sd card. Brilliant and cheap piece of kit. 32GB + 8 GB is plenty for storing enough music on even at FLAC quality. Remember it's a portable player not a FIXED piece if kit.
Review: SanDisk Sansa Clip Zip - Gadgets - HEXUS.net
BTW you can RE-CREATE the original CD again in THE ORIGINAL QUALITY from the FLAC rip by downloading (Free) the Nero mega plugin pack.
When you create the CD again it will connect to Gracenote and re-title the tracks again for you just like the original so you can always create the original CD if you need to !!).
Cheers
jimbo