Which way to go for lossless music from CD's?

[Zaphod]

First of all let me appologize if this has been covered before, but by skimming the threads I haven't found anything close to what I was looking for. If there is, please post the link to the correct thread...thanks.

Now with that aside, since storage has come down considerably from a few years ago and disk space has significantly increased as well, I am now looking to try to ween my way from the monster we call iTunes and try to go with lossless rips from CD's that I own. I have over 600 CD's and want to convert them to a lossless file that I can put on my Windows Home Server, and then access those files through my PS3 and Xbox 360.

Now I know there are many different lossless file formats, but which one is going to give the highest quality audio? Also which program is the best to rip without any errors or anomalies? I had started using the Apple iTunes WAV ripper (44.1 kHz/16-bit), then I thought there might be a better way and a higher quality way to get the best digital copies. Space is not a concern, so compression is not a determining factor. All I want is the best quality digital file and a true (if you can call it that) accurate representation of the actual CD music.

I have searched the many threads on different forums, and all give conflicting information, so I hope some of our fine members could steer me the right way.

Thanks, and as always, look forward to the insight.