ogg 192kbps is the best for lossy formats - I doubt you'll be able to keep lossless on a laptop anyway.
I use the Xiph encoder ver 717, and it generally does a single song in under 8 seconds on my X2 4000+. I use CDex to rip. With a decent CD drive such as the DDW-1650, it takes about 15 seconds to rip a 4 minute song off the CD.
So about 25 seconds per song, not the quickest but it gets the job done.
My 3700+ CD tracks compress down to about 22GB in this format, and are pretty decent to listen to - way better than MP3.