Thanks for all the ideas. It has been a great help sorting through the endless formats.I'm a Linux fan and it looks like its pretty easy to extract cd's to flac format with the tools provided. The software seems to automatically handle all the tagging (and album cover) issues on the jazz, rock and pop discs, too. So most of this project will just be putting the discs in the computer and hitting the extract button. My job has me in front of a computer all day so it'll just be a matter of feeding the discs into the computer.
Bob, thanks for the tip on the library backup.
Figuring out where to store the cd's will be a harder task. They can't go in the attic (heat) or the basement (humidity) and they'll need to be accessible from time to time. Anyone have any tips on how to store the physical discs without eating wallspace?