How best to import music to itunes for use on a variety of devices
I have recently purchased an iPhone 5 and an iMac, my philosophy being to simplify my computing and technology set up. I have a CD collection which a couple of years ago I ripped to FLAC. My wife has on her windows laptop a variety of mp3 music. She also has an iPod shuffle but has necer really used it and itunes. It is several years since I last used iTunes as my media player and I imagine things have changed.
What I want to do is have all of the CD based music in high quality on the computer, and whatever mp3 files we have will just have to remain as they are. I would like to have music on my phone and on my wife's shuffle but the lossless formats will limit the number of tracks that can be stored on each device, so perhaps a lower quality library of all music is also required.
Can someone advise me how best to achieve this? I have searched the forum and have got some advice but not recent.
In the future we will probably get an iPad and an airport express or other way of streaming music to our Q Acoustics speakers.
I am prepared to re-rip all CDs if there is a more convenient format to use.