iTunes encoder isn't bad as long as you go into the custom settings and select a higher quality than the defaults (I was happy with the VBR "High" setting). Also, if you are worried about its encoder you can get it to use lame instead.

I always worried about the ripping component though. It doesn't seem to encorporate any of the error detection/correction that you get with cdparanoia (or that windows secure ripping program the name of which I can't think of at the moment). Anyway, I have used iTunes occasionally for convenience but most of the time I use cdparanoia and lame on my FreeBSD box for the extra piece of mind.

-Mike