Well, I use Exact Audio Copy http://www.exactaudiocopy.de/eac6.html to extract to WAV then I use LAME http://mitiok.free.fr/ to convert to MP3. Just noticed LAME 3.91 stable is up there, too....

As for settings on LAME, I am starting to use the --alt-preset extreme switch...just because storage is not an issue for me.
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Squid2k1 --- 18GB of revived Green Mk II Fury - Fast As A Shark