*EDIT* I didn't see prof's response until after I replied, but here it is anyway...
Well yes. But that applies to any portable music player.
As the law stands, if you make any copy of a pre-recorded piece of music, whether it's CD to CD, or Vinyl to MP3, the act is illegal.
In practise, if you have all the physical CDs, then you would be highly unlikely to be prosecuted. If you sold them all after ripping them though, then it might be a different outcome.
Also, if you don't do anything else illegal (run a market stall selling "backups", use P2P file sharing like limewire et al, download dodgy images from websites) then no-one will ever know, and you will never be called to account.
In other words, if you have the CDs, you should be OK in reality.