I would like to thank all of you for your valuable input. The current thought process is to have the system configured as follows:
Mac Mini 2.8Ghz with intel core i5 with 16GB of RAM & a SSD drive for the OS & related software etc.
Synology DS415Play with 4, 4TB Hitachi drives in RAID
For Ripping in AIFF, XDL & itunes. itunes also for music management
For Playback Amarra
CD drives TBD
I have about 2.5k cd's that need to ripped. Unfortunately a good portion of these will need all meta data input manually.