I have a friend that is really into music. Unfortunatly, she has a Mac. All the serious audio tools I know of are made for PCs. It would be a shame to rip at such a low bit rate. Anyone that thinks iTunes is not at the bottom of the heap when it comes to rippers needs to check out a serious ripper like PowerAmp. It will tell you if you didn't read a track correctly. That is great for scratched disks. You know to do some surface work then rerun the bad track(s). Plus PowerAmp handles about 20+ file formats.
Well I hoped for help on this topic but oh well. I guess most of you in this forum don't go in for HiFi. I did my own research. Itunes will use a LAME encoder. That is what I use on my PC since it is one of the best encoders on the market. There is also Audion which also uses the LAME encoder. I am assuming LAME on a Mac will allow high quality lossy formats.