I have never completely moved our CD collection to the computer. I've started and stopped a few times, but now that Amy is getting an White Apple 4 GB iPod Nano for Christmas, I am using iTunes to rip and convert our entire CD collection. We have more CD's than I thought, I've been working on it for a few evenings and I'm just now completing the C's. I'm using Amy's system and it has two optical drives. I have iTunes set so that when I insert a CD, it rips it, converts it to AAC format, then ejects the CD. Because of the two drives, it's working almost continuously.
Once the album has been stored in the iTunes Library, I run iTunes Art Importer to capture the album art. This way, the screen on the Nano will always show the album cover on the CD.