whats the point of mp3? HDD are so cheap now, space is barely a problem. i put up a guide in the forum for ripping perfectly using EAC and FLAC. you will experience NO LOSS IN AUDIO QUALITY, and yet have the convenience of computer based audio.
mp3, even at 320, is audibly different from CD/FLAC on even medium to high end systems. heck, if its a really good recording, you can even tell the difference on laptop speakers.
I used to use EAC with LAME at 320 VBR, but now with the prices of DVDs and HDD so low it makes sense to rip in FLAC... Still if it is mp3 you are looking for then go with the default settings of LAME at 320 VBR. Certainly gives great rips.