That exactly what I have done. I use Mac-Mini with 1TB drive on firewire bus. I keep second 1TB backup at work in case of fire, burglary etc. I use free program MAX that ripps exact copies, gets covers and puts it into Itunes in Apple Lossless format. Each CD holds about 500MB on average. Compression is about 2x so you need 700x250MB=175GB - possibly slightly more beacuase of metadata and covers. My 1TB Fantom drives were $100-120 and you won't save much by going to smaller sizes.
Question about a music server
I have entertained going to a music server of some type. I have a cd collection of just over 700 discs. How much storage space would I need? I have an imac w/ itunes but don't think this would work. The thought of ripping all those cd's isn't appealing but the convenience after sure is.
Thanks!
Thanks!