Hard drives are so cheap nowadays, and cd and dvd storage almost without cost at all, Id go for .wav or .aif as uncompressed.
Additionally, for the cds, if you use a mac and i tunes, then Gracenote will access the entire track listing data from the web automatically and you can save everything from software as you wish with all the information already naming the files.
A real time saver.
Peter
Youre right. MP3s are lossy and with mpeg broadcasting etc now a reality, quite a bad idea that early in the chain.