The basic code is
ffmpeg -f libcdio -ss 0 -i /dev/sr0 target.wav
So you can apply your options like normal.
Here's the ogg command I use (for music)
ffmpeg -f libcdio -ss 0 -i /dev/sr0 -q 2 target.ogg
and a reduced mp3 format for spoken audio (22.5 KHz 48kb)
ffmpeg -f libcdio -ss 0 -i /dev/sr0 -ar 22050 -b:a 48k target.mp3