I ripped all my CDs to FLAC - I used EAC, not tried DBpoweramp - I guess they're all the same. I use a NAS to stream to a DAC. As per above - NAS does other stuff and the whole setup can be kept up to date more easily.
Took about a year to do all the CDs - I just used to do a few every now and again. I buy all music via downloads these days - 7digital, bandcamp, junodownload etc.