Well, I digitized most of my collection (and I used to manage a used CD store) and I must say, it is one of the best things I have ever done. Any song I want to listen to is a double-click away, and if I want to take it into my car, I can either rip it to my iPod, or burn it to CD.

Oh yeah. Since I just moved to Orlando from Detroit, it allowed me to leave all of my CDs back in D-Town (I'm moving back in a year). Do you have any idea how much room 2,000+ CD's take up? A lot. Not to mention how much they weigh. Yeah, it took a long time for me to get the majority onto my hard drive, but it was well worth it in my opinion.

Cheers!

P.S.- I used multiple Macs to burn into my library, ie. two macs ripping to one drive (over Airport). Not very elegant, but it cut the time almost in half.