If you are using a Mac (which you are) the best quality and the most flexible format is Apple Lossless. Apple Lossless offers an additional advantage, it deals with metadata very well - the various bits of information about each song.
I think your notes must be a bit scrambled because WAV and AIFF are uncompressed audio - they are as good as Lossless but take more space and do not handle metadata as well. AIFF is the file type you pull off a CD...
Here is the way that most people here do the math. Depending exactly on what you get, a very large drive is under $150. A backup is another $150. Here is an example
http://www.newegg.com/Product/Product.aspx?Item=N82E16822136025
Now let's calculate the value of a 1,000 CDs and add to that the time it is going to take you to rip them. Suddenly the cost of the hard drive is not a significant part of the equation - which makes the difference between Apple Lossless and AAC moot.
I think your notes must be a bit scrambled because WAV and AIFF are uncompressed audio - they are as good as Lossless but take more space and do not handle metadata as well. AIFF is the file type you pull off a CD...
Here is the way that most people here do the math. Depending exactly on what you get, a very large drive is under $150. A backup is another $150. Here is an example
http://www.newegg.com/Product/Product.aspx?Item=N82E16822136025
Now let's calculate the value of a 1,000 CDs and add to that the time it is going to take you to rip them. Suddenly the cost of the hard drive is not a significant part of the equation - which makes the difference between Apple Lossless and AAC moot.