Bit-perfect copies of my current and future CD collection stored in a universally accessible location
Ability to access to the music collection from any music playing device made by any manufacturer in any location
Ability to transcode the music to any proprietary file format as needed by a music playing device
Ability to transcode the music to a compressed scheme in cases where storage quantity is more important to me than sound quality, such as a portable music player
Since I started the thread, I got caught up in several projects at work, and was unable to make much progress. However, the tenacity of the open source community kept moving, and I can now say that I have a fully functional music management solution. I'll detail the specifics in some pending posts, but here are the components I'm using:
Hardware
Old Linux server with 750MB drive (running ZenWalk 4.8)