I’ve finally started ripping my CD collection, and went with dbPowerAmp. EAC is good, but more difficult to configure, and has fewer features.
The killer feature for me was the batch ripper that comes with dbPowerAmp. Once you set it up, all you have to do is load a new CD every time the tray ejects, and close the tray. No buttons to click, or dialogs to acknowledge, it just chews its way through whatever you feed in, which makes it a lot easier to rip a pile of CDs while you are doing something else. Any failures are reported so you can tidy up and rerip at the end, if necessary. If you have two CD/DVD drives, it will rip from both simultaneously. It’s a lot eaier than having to load CDs and launch a rip manually each time. dbPowerAmp’s metadata lookup (to retrieve disc information) is also very good).
As above, FLAC seems to be the most popular high quality format, or Apple ALAC.