I'm still hackin' away at my 8000 LP's. After 3 1/2 years, I've got about 3000 recorded and cleaned up (using Magix' AudioCleaningLab). I made CDs of each one (for permanent copies) before converting them to 256-320 kbs mp3s. The PC library has 2 backups.
I have also ripped about about 250 CDs for a total of 44k tracks.
There are really 3 reasons I recorded the LPs: 1. I can't afford to replace all those LPs with CDs, 2. I still prefer the sound of most of the LPs, (my converted LPs/CDs still sound better than most of the overly compressed CDs), and of course, a lot of the LPs were never re-released as CDs.
Fortunately my LPs have always been keep in pristine condition so they didn't require a lot of cleanup.
I have to also say that over the years, my listening habits have changed. In my 20s and 30s, I was an audiophile and worked as a roadie and eventually as a live show sound engineer (before the days of earplugs!), later becoming an audio tech-rep. In those days we played it LOUD.
Over the last 15 to 20 years the volume has come down considerably and at the general volume levels I use today, the high quality mp3s sound great. Now if occaisionally want to crank it up, I can easily grab a CD if the mp3 isn't up to it.
To be honest, I'm so used to listening to the mp3s, that unless I do an A/B comparison, I don't notice a difference much anymore.
Sorry to ramble a bit off topic.