Hi Steve,
I have just bought one too, and last night started copying over my music files to it - it said it would take about 6 hours, so I'm about to go and check progress....thing is, there are about 11,000 tracks, and progress seemed pretty slow !
As for ripping your CDs, I think the best way is to use some ripping sorftware like dbpoweramp (as you get a highert-quailty rip than with iTunes, and can also do a 128k version at the same time for use with iPod etc), but as for whether you rip them to iTunes first and then move them over to the NAS, I'm not sure...I think you should be able to rip them straight to the NAS ?
My problem is that I have all those CDs already on my iTunes, most of which were ripped at varying speeds, i.e. 128k, 256k, 320k etc, before I realised you could alter the rate...so I currently only have a few lossless tracks....so now I'm not sure what to do in terms of re-ripping everything at full quality. So, best to get these questions out of the way before doing it Steve, unlike me !
Does anybody have an answer ? Do I have to trawl through my iTunes, delete the low-speed CDs one-by-one and re-rip them as lossless ? The thought of it makes me shudder, but then so too does keeping them all at low rates and listening to them through the CDQ, which wouldn't do the music justice !