If diskspace isn't a problem, go lossless.
if you want best quality with lossy codec, go with MPC (Not only is the quality a good bit better than the others, the encoder is also MULTIPLE times faster). Next best would be AAC, after that i guess Ogg (this 'rating' is for high bitrates +160kbps... for lower bitrate Ogg does better)
Remember also when you rip the cds, you'd better do it properly. Use EAC in secure mode. (you can set it up to automatically encode to all formats you want)
Everything you need to know you can find on http://www.hydrogenaudio.org
Personally i use MPC (--quality 7, average bitrate of 220kbps) and love it.