I like ripping to lossless, though I don't do it much. I should, I have 120 gb on my Zune. I grew up with a record player in the house, but I never truly used it. The needle was really old (they need regular replacement, yes?) and the records were worn. So 'mp3' first (I actually use WMA variable bit rate), then CD's, then tape (because I've actually used them. I could give records a chance, I suppose), 8 track last because I've never actually run into one.
An aside. compression (mp3's, WMA's, etc.) wouldn't suck so bad if it weren't so cruel to cymbals. Seriously, you have to go practically lossless to be spared from mangled cymbals.