i like to download music from my cd's through my cd-rom drives as .wav files (does that really quickly) using CDex and then rip them to .ogg format (sounds MUCH better than .mp3) using ogg drop. Both programs are small, efficient, and are free, and i think, open source, or at least very open to the public. And ogg drop is just fun to use.
Sure I could rip direct to .ogg using CDex. But that takes longer, and I figure I am saving my drives from unnecessary abuse.
Did I mention that .ogg sounds better? Give it a whirl!
BTW I used to encode music at 192Kbps using the Lame encoder. Now i use ~128Kbps with ogg. High-hats, cymbals, chimes, and acoustic guitars sound lots better.