Your options for archiving.
1) Just save the wave files, like me
2) Lossless codecs like Monkey's Audio, Flac, or Shorten.
3) MPC "-quality 7" if you have REAL great ears or your are paranoid about quality and want nothing but the best but don't want to have huge wave files lying around.
4) MPC "-quality 6" if you have real good ears and/or if you plan to transcode the files into other formats in the future (for whatever reason).
5) MPC "-quality 5" if you have real good ears and/or if you don't plan to transcode the files into other formats ever (for whatever reason).
If you don't have EXTREMELY high standards for lossy codecs and maybe would like to be able to take these files you make with you on a portable audio player, then use AAC. Both OGG and AAC are roughly the same in quality, but I'd suggest AAC over OGG as it is becoming the the new world wide standard audio format. This is not an opinion. This this transition from MP3 to AAC is only picking up speed. Everything audio related will have built in AAC (MPEG-4 Audio) support within a year or two. Everything from cell phones to portable audio players to software devices. Although OGG has seen a few portable devices add support, the number will remain small, but AAC's support is growing rapidly.
A new official release of the AAC standard will be comming out soon, so go ask and read about it on Hydrogenaudio.org. That is the place to go for everything audio codec related.