For CDs it doesn't matter what the settings are, you'll get 2-channel PCM.
I would agree that FLAC is the best way to rip CDs. It's lossless giving a perfect copy. Rip at 16bit 44kHz as this is the same as CD (any higher being pointless). This is generally regarded as the best ripper for Windows: http://www.exactaudiocopy.de/en/