for low bitrates (to 128 kbps) WMA is a decent choice, for above that most people would say "EAC plus LAME" or "Ogg Vorbis rulez!" or my own "FLAC -- CD quality at only 333 MB per CD!".
Search on "MP3" here and in off-topic for many, many threads on ripping CDs and endless debate over the "best" way
Also read the AT FAQ on it, and visit
www.hydrogenaudio.org.