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EAC has a similar but different feature. It will let you queue up the WAV to be encoded while it continues to rip, ie track 1 will rip, start encoding, track 2 will rip, track 3 will rip, track 1 finishes encoding, track 2 starts encoding and so on.
So if you can rip faster that your CPU encodes you build up quite a queue of WAVs to encode.
However given that your ripping is slower then your encoding this is pretty mute.

Works fine for me, I used the AG batch encoding many times because of it's ability to attach the ID3 data to the WAV.

Better yet, you can keep feeding EAC CDs until you run out of disk space . I used to have like 90 wav's queued up. CD after CD. And even better than that is that you can close EAC at any time, with all those tracks queued up, let it finish the current compression (a LAME window will be open, but the program will be closed) and shut off your PC. When you start your computer again, and launch EAC, it will resume it's compressions. I used to rip CDs all day at work, then go home (with my notebook) and let the compressions work while I slept.

You'll probably need to run de-frag once in a while.