Thanks for the suggestions. I've had a play today with Monkey's Audio and FLAC. Monkey's Audio seems to encode slightly quicker, and I like the fact that it allows tags. It also seems to give smaller file sizes (with the files I've tested at least). I know there are political reasons for going with FLAC, but I think I'm gonna start using the monkey from now on, the main reason being tags
I can't really notice any differance between 192kbps mp3 and lossless, but it makes me feel better that I'm not losing anything
If anyone's interested, here are some quick links to some handy FLAC utils I found. (They can all be found straight from the sourceforge site)
FlacDrop (A cool flac gui)
Flac winamp plugin:
As for MonkeyAudio, the main program from the site does it all really, and it works with Cdex effortlessly.
Never thought I'd see the day when I stop using mp3