flac is my lossless format of choice. monkey's audio has a slightly higher compression ratio by a few percent, but it's not supported by any digital audio players. flac decodes much faster than monkey's audio and is the most widely supported lossless codec among digital audio players, so it offers two advantages over monkey's audio in this situation: 1) people who download the album can convert to another format more quickly (assuming they want to convert to another format), and 2) people with digital audio players that support flac can just load it up into their players without having to convert.
if you want to rip a cd directly to flac, you can use EAC and just follow these directions:
Open 'External Compression' tab.
- Check 'Use external program for compression'
- Change 'Parameter passing scheme' to 'User Defined Encoder'
- Set file extension to .flac
- Locate 'flac.exe' (version 1.0.4 or later needed)
- Use command line:
-5 -V -T "artist=%a" -T "title=%t" -T "album=%g" -T "date=%y" -T "tracknumber=%n" -T "genre=%m" %s
you can change the -5 to whatever flac compression level you choose (5 is generally regarded to have the best time spent/compression ratio).