Indeed, EAC is a great ripper. LAME is the best MP3 encoder; generally --alt-preset-standard, which is around 192 kbit VBR, is a good size vs. quality tradeoff. You can go up to 320 kbit CBR with MP3s.
If you are willing to use lossy compression and you don't need to stick with MP3 as your format (i.e. you don't have to play your collection on, say, a portable that can only handle MP3s), there are several "better" formats out there, where better is typically defined as "better sound quality at the same bitrates" but may also mean "better tagging scheme," "open source," "plays on my iPod," etc. The hydrogenaudio forums (
www.hydrogenaudio.org ) are a good source of info about this kind of thing; they do codec shootouts and such. After reading there, I'm using Musepack (.mpc) for all of my music, since it offers one of the best quality-per-size ratios (much better than .mp3) and it supports ReplayGain. Ogg Vorbis is another good format. Frankly, a LOT of things can beat .mp3-- .aac and its variants, .ogg, .mpc, .wma even. The only reason to use .mp3s is for compatibility purposes (but that's a big reason).
However, if you want the absolute best quality, you'll need to use a lossless scheme like APE or FLAC. This will be ~10x bigger than MP3s but still maybe half the size of WAVs with absolutely no quality loss. This is the definitive "archival" method, since you can always recompress your APEs or FLACs in a lossy way just as you can recompress CDs.