I recently bought a 60 GB iPod. I know it would set you back $600, but I really think it's worth it to hear all your CDs at rates as uncompressed as possible.
Apple Lossless is great, but does eat up a lot of space. I tried Variable Bit Rate (VBR) at 320, which yielded pretty good results. VBR basically only goes up to 320 when it needs to, and employs a lower bit rate when the song hits quiter/simpler passages. I find it vitually indistinguishable from Lossless, but in a far smaller file size.