wav, flac, alac should sound identical, but flac and alac are probably smaller than wav. With flac you can trade compression speed for compression levels, to a point, so you can get some control over how much space and how much time you spend ripping.
There is software out there that will let you rip one CD after another, the trouble is the clean up. What do you do if it doesn't find a cover, or song list. That's kind of a PITA, not to mention changing genre's, making sure composers are listed correctly, etc.
On the other hand, if you make a prioritized list, you could say, re-rip your top 50 or 100 quite soon.
Best,
Erik