Yeah, I have a lot of CDs as well, I rip them to FLAC because, even though I doubt I can actually hear a diff between 320kbps and FLAC, it makes me feel like it sounds better.
I find it highly doubtful that legislation will save us with this. It seems like congress, at least in the US, has worked hard to make copyrights longer and longer and worse and terrible. I would love it if they prove me wrong, and made copyright in the US much better, but I think corporations are too intermingled with politics to make that likely.
FLAC's nice because it's future-proof, you can encode it into whatever you need with no loss. 350-400MB for an album hardly seems worth worrying about in a world where if you want a top-quality film rip you're looking at 40-80GB—and you can fit hundreds of such albums on a chip the size of a 1-year-old's pinkie nail that cost tens of dollars, let alone an actual spinning rust hard drive.
I was all about high-quality MP3 in like the early '00s, but now? FLAC's fine, music's not going to be the reason I run out of disk space.
I find it highly doubtful that legislation will save us with this. It seems like congress, at least in the US, has worked hard to make copyrights longer and longer and worse and terrible. I would love it if they prove me wrong, and made copyright in the US much better, but I think corporations are too intermingled with politics to make that likely.