mp3 player: rip programs, best format?


Hello all. I've recently received an mp3 player, an Iriver 40gb. So far I'm enjoying it as it replaces my walkman and the need to drag cds around during commute. A few questions: what is the best format out there, and the software that does a good job of ripping the cds.
I've done some research and settled on Ogg Vorbis as it takes up less momory and sounds just as good as regular mp3. The issue I'm having is the software that I'm using, a shareware program called "Audiograbber". With regular mp3, It takes about 5 minutes. With Ogg Vorbis and the Audiograbber program, it takes about 45 minutes to an hour to do one.
Is Ogg Vorbis the "best" out there in terms of format? If so, can someone recommend a program (preferabbly shareware, but not limited to) that does ripping well and fast.
Thanks.
mhu
Pbowne, it sounds like you're doing two steps when you only need to do one. EAC, for mp3 at least, with the lame encoder, is the best encoder around. No need to use Audiograbber. 320 kbps VBR mp3 is the alt-preset-insane setting. For what it's worth, I've never talked to anyone that could tell the difference between alt-preset-insane (API) and alt-preset-extreme (APX) setting. The difference between these and wavs is another matter however. API, in my opinion, simply leads to a bloated file with no improvement in quality over APX. Even the developer of these presets admitted that he uses APX and he only created an API setting for people that have to feel that they have the best. Now if file size or space constraints are of no concern to you, then there's no harm in sticking with API. I have nearly 4000 discs though which I've ripped so space is an important concern for me.
Thanks for the detailed responses, much appreciated. I've never noticed until recently that the DVD player rips at 16X while the regular cd drive runs at 24-32x.
I've purchased my pc not too long ago so I don't think it's a system issue. After the ripping, which is fast, the conversion from mp3 to ogg vorbis is what kills me as each track takes more than 2-3 minutes to convert.
If it's a software issue, I would have to check out that program and see if I can speed things up a little.
Sorry for taking so long to respond.

I use the 2-step process because Audiograbber is the only program I've seen that will record in 320kbps variable rate. I've found that it doesn't sound much different from the 320kbps fixed rate, but the file sizes are about half.
Pbowne, UV is right. LAME can be configured within EAC to rip with -alt preset extreme, a VBR format. EAC will call LAME as an external call, and then rip the next track. Much easier, although it still takes a long time.

BTW, 320 kpbs VBR doesn't make any sense to me. VBR="variable" bit rate. The encoding is anywhere from 16 up to 320 or maybe higher. The number only makes sense with CBR schemes.