Converting cd's to high resolution audio


All my music is on cd's and my reading tells me that the cd itself has a limited shelf life and will degrade over time.
Any recommendations about converting my cd's to FLAC or some type of high quality music files. Not looking for
compressed files.
I see products such as the Blue Sound Music Vault and a Sony High Resolution Music Player.
Does anybody have any thoughts about how to accomplish this goal?

Thank you. 
128x128kjl1065
I concur with uberwaltz.  The Vault 2 will do everything you asked.  The storage capacity is more than enough for most people.  I put in approximately 700 cd’s as FLAC files which barely touched what is available. The Vault is super easy to use and Bluesound support is excellent if you need help.

The sound quality is way beyond my expectations.  It’s way more satisfying to play music than to play with a computer setup.  This small box is one of the best values in Audio!  Buy one.
There is NO way to get any more musical information off a 16/44.1 CD! ALL the musical data is locked in those pits and lands! It is a FALLACY to think that upsampling adds "more" musical information! IT DOES NOT! Only a higher bit rate/higher frequency (24/88.2) recording has "more" musical information! So go to HDTracks and download some of their high-rez recordings unto your hard drive to hear better sound! Because you won't get it from 16/44.1 CDs or recordings!
Personally, I wouldn't undergo such a massive project (converting CDs to files) unless the end-product was being saved to the cloud.
Might consider saving to hard drives but would have triple-redundancy and an off-site location (safe deposit box?) for safe keeping.
BTW, I've heard there are services that will do the conversion for you if you've got the dough...
@dweller 
That is EXACTLY what you do with the Vault.
I has built in 2tb hard drive, then you just do a back up to another external hard drive via usb connection. And another if you need to be super anal about it.....lol.
I have 2 backups and feel pretty good about the data being safe.