FLAC or MP3

Going to be ripping my entire collection to a harddrive soon. My question is whether to go with lossless FLAC or lossy MP3 at a high bit rate (no lower than 320kbps).
What do you guys use? How's the quality?
I know Mp3 would degrade my CD quality to save space, but is that loss noticeable, especially in a live setting that's is typically louder?
FLAC seems to be the obvious choice if it wasn't for space issues.
About how many typical CD's In FLAC could I fit on, say, a 500GB drive?
How might that compare to a the same being ripped to a drive at 320kbps Mp3 format?
Thanks to everyone in advance!!
What do you guys use? How's the quality?
I know Mp3 would degrade my CD quality to save space, but is that loss noticeable, especially in a live setting that's is typically louder?
FLAC seems to be the obvious choice if it wasn't for space issues.
About how many typical CD's In FLAC could I fit on, say, a 500GB drive?
How might that compare to a the same being ripped to a drive at 320kbps Mp3 format?
Thanks to everyone in advance!!
