I will echo Matt's recommendation of dbPoweramp. It's one of the few pieces of software I actually shelled out for after being so impressed with the trial version. With a processor running multiple cores, dbPoweramp can utilize all of them simultaneously, resulting in MUCH faster CD rips with conversion to FLAC or whatever. I also really like the fact that I have the ability to rip a CD and convert it into multiple formats at the same time, sending each to a different drive or location. I typically rip a CD into FLAC for playback on my main system, ALAC to integrate a copy into iTunes for iPod and iPhone use, and an uncompressed WAV that is archived on my RAID backup. Setup was not too difficult and now I simply insert a CD, confirm the artwork, and away it goes, spitting out the CD when the rip is complete. Fun!

Andrew