I was cleaning around and found some old audio cd's I've had for a long time. Unfortunately some of them are a bit scratched so I wanted to save those that are not by copying them to the computer. Windows media player will now let you do this. The files will be in the wma format so just be aware of this.
In short, now that I had the chance to compare both wma and mp3 files, the mp3 files are just a tad smaller than the wma. Both are about the same size though but at least you should be able to play the mp3s in most players. Personally I prefer the smaller size files for almost anything as things can just get way to large nowadays. I do have to say I like using the windows player as it keeps all the names and files in order even with other languages, so there's nothing to go back and edit after ripping which is nice.