It would be a super project if we geeks meet up some were ,design n develop a gadget to meet all our needs [may be an ogg player (h/w) or even more] , which will give us ultimate freedom :) { of-course we need giants to fund us for this mega project } What say ?
You can use the new VLC to transcode mp3 or any format at all to any format using GUI... it gives you a commandline string while doing it.
That's what I do, recursive command to each album folder and then rm *.mp3 after i download an album or something...
But the problem is I don't know about any portable 'ogg player' like an mp3 player and the other fact is i don't have an mp3 player either! so have to think before i buy one.