Ian
FWIW, my own opinion is that the biggest "hassle" (exageration) part of the ripping job is the simple process of getting the CD, taking it out of its case and then putting it back in again. This is especially true when you're working your way thru your CD collection and trying to recall which CD you have ripped etc.
For that reason, I think it's worthwhile having an "archive" of the best available quality on your Server, i.e. WAV or Lossless, rather than MP3. Once the Error Correction has been applied and the tracks ripped to your Hard Drive, it is then easy to do whatever you want
For example, once your Lossless Archive has been created and Artwork and Track Listings applied, then it is easy to create a lossy MP3 version of the same Tracks for iPod's etc. The MP3 versions will seamlessly carry across Artwork and any Ratings etc. that you apply to the Lossless version.
Given the low cost of Terrabyte storage these days, I think it makes sense to get an "ideal" copy onto the Hard Drive and then do whatever you like from there. Personally I would hate to have to repeat the whole Ripping process in a few years to achieve better "quality" (Now if I have to repeat ripping on 96/24 versions of the same CD, then that is a different issue

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Because I believe that Meridian may have more flexibility with WAV files in the future (think Aprodising filters etc) I took the extreme measure to use EAC to rip to WAV on the Hard Drives. Once it's on the Server, I then create a SEPARATE Apple Lossless archive for use on iPod's, Sonos system etc. Having Dual WAV and Lossless Archives may be extreme for some.
But I do think that having a Lossless base for current and future use is a good starting point