Well, I've already got them in WAV format and 94G is not that big of a deal for me... I figure that for any new format that the MP3-like players might have in the future, someone will create a tool to convert from WAV to it... I tend to prefer command line conversion tools so that I can do the conversion while renaming them in the process... I stored the album and track numbers as delimited numeric strings in the file name and have a lookup file that matches this to author, album name, and such... It's a simple matter to write a Bourne shell script to do the conversion, rename the files, even storing the results in different directories by author and album if so desired...
Those individuals who 'acquire' music via the internet have significantly more files than I do... If I like a song, I buy the album... I doubt that I'll ever buy digital tunes from one of the sites since the idea of paying for something that is not in full audio resolution doesn't exactly sit right with me... Even though I've probably lost enough hearing over the years due to being at the gun range without hearing protection...