Ripping All CD's To iTunes

I've decided to clear up as much clutter in my house as possible. Part of this has been eliminating hundreds of CD's that I no longer want taking up space. To this end, I've started ripping these into iTunes.

So far everything has gone perfectly. I've set iTunes to automatically import the CD on insert, ripping all the songs as mp3's. I plan on storing the CD's out of the way, either in the garage or in the attic. If I decide that I would like to listen to an album I've saved off to the library, I can either copy the files to my iPhone or burn a CD to listen to since blank CD's are so cheap.

A couple of questions I have:
- Is there a better tool for keeping and managing my library than iTunes?
- Are there any issues with having an all digital music system that I should be aware of?

iTunes has done fine so far but has a few drawbacks. Sharing could use more features. I have to sync my iPhone, an iPod nano, and an old 3rd gen iPod to the library on two different machines. It would be really nice if I could sync using the sharing features, but I need to have the library open directly on the syncing machine. This gets REALLY slow if I try to store the library on a central server and open it from there. I've ended up storing multiple copies of the library on each machine and this is a pain to keep in sync. Any suggestions?