I rip all my discs because I load music on my iPod/iPhone/iPad, and until recently used to stream music from my computer to an AppleTV puck.
The Cambridge Audio DacMagic is great for playing all of that in my living room speakers and headphones. It did start to seem overkill to have a Wolfson-powered external DAC, plus a Wolfson-powered Blu Ray player dedicated for only playing CDs.
AIFF will let you keep metadata and is equal in quality to WAV