Heh, hopefuly you won't follow my path:
1) Rip all CDs using iTunes' default MP3 encoder.
2) Realize iTunes' default MP3 encoder is terrible
3) Re-rip all CDs using LAME MP3 encoder (which is notoriously slow)
4) Realize I don't really want to lose any sound quality at all. Re-rip entire CD collection using Apple Lossless (which means my iPod only holds a rotating portion of my collection at any given time)
Whew! I don't ever want to have to touch any of my CDs again. Ugh.