Got this and installed it, and really recommend it. You just put in your CDs and it rips them. It runs headless, and you log in to a gui using a web browser or using ssh from a terminal. There is also supposed to be a way of managing your files remotely in Nautlilus but I don't use gnome.
Then playing them is really simple too. Its not all that elegant in terms of user interface graphics, but it works just fine. If you have an old machine lying around this would be a great use for it. Or put together a simple fanless itx with one of those atom boards and maybe an SSD. Brilliant. Beats carrying around a ton of CDs if you live in more than one place.
This and the little nook ereader from Argos for 30.00 the last time I looked, and you can carry library and music in your backpack and hardly even notice they are there. The little nook is brilliant too, you can hack it to a proper android box if you want, but I have not bothered because it works so well as is.
I also have XBMC burned to CD but this is so all right for the purpose that I probably won't bother.
Al