Max: Generate high quality audio from CDs
Looking for an all encompassing application to handle your audio files and not willing to spend a penny? Then you should try working with Max. This open source program allows you to rip music from CDs and convert the music to any of 20 different formats. You should also normally find the right codec for the format you're looking for. The multi windowed interface is a bit of a turnoff to me and a little contrary to what you usually see in applications these days, but in a way it separates all the elements of Max clearly.
Max is easy to use and performs all operations very well. The quality of files after conversion is generally very good. The ripper works through tracks quickly and you can use cdparanoia to recover damaged audio files. The main drawback to the program would be the fairly complicated tagging system. Max works with MusicBrainz to recover track information from the internet, but you won't necessarily find all you're looking for.
If you're looking for a complete audio solution to rip CDs and convert the tracks to another format, then Max is an excellent free solution.