I have a large CD collection "pre-Itunes." I keep the CDs because I own them and can do with them as I please, (I know I can't duplicate and sell them, so don't go there.) I have purchased music from Itunes at times out of conveinance, knowing that I was giving up quite a bit of freedom and control for those songs. In fact, I have limited how much, and what I buy from Itunes for that reason and don't buy anything that I wouldn't be very distressed to have "lost."
It seems to me that the solution that best suits me is to purchase CD's, more often older and used ones, second hand stores, garage sales, etc and rip them myself, keep the CD for the future if I need to re-rip it if the technology has changed.
I have vinyl albums that I am recording digitally with the properly equipped turntable. As long as you physically own the item there is hope that you can keep the content and adjust as the technology adjusts.
What I don't like the idea of, is if they ever do away with the physical product and ONLY provide "license" to listen to it. Then you will no longer have ANY control whatsoever.
That all being said. It has been a long time since I have had need to rip any CDs. When I originally ripped them to MP3s that was it. No more control over it than if I had taped it with a cassette recorder. I don't know, it may be that any current "ripping" software now has aspects to it that "install" digital protection and therefore more control. I haven't kept up with it. I haven't needed to because the bulk of my library was built before all this and I'm pretty happy with it. Adding to it is simply a luxury. In fact I'm more in mode of trying to thin out the extra junk I collected along the way that I never listen to and is just taking up space on my hard drive, (and backups, s, s, )
I'm 49, and I remember thinking in the mid 90's, "Wouldn't it be neat if you could somehow collect all the music you liked in one place on a computer (using a '386 computer a friend and I threw together) and have something like a jukebox to play whatever you felt like at the time." Too bad I was not technically adept enough to make it happen myself, because that's exactly what has happened.
So, in the end, we are incredibly lucky to even be having this "argument." Most of you probably have a library big enough to play CONTINUOUSLY for days to WEEKS or more (mine would play continuously for about 7.5 days, pretty small). UNHEARD of when I was younger, (probably the age most of you are - no disrespect intended)
So enjoy! As I said, you're quite lucky to even have this problem.