BonkEnc is a CD ripper, audio encoder and converter for various formats. It can produce MP3, MP4/M4A, Ogg Vorbis, AAC, Bonk and FLAC files and features full Unicode support, including support for UTF-8 freedb entries.
I've tried them all. The best out of the box music player on the market. It autosearches for lyrics and album art, integrates online radio, and even tags unlabeled files by analyzing the sound signature. You can see the biography of the artist automatically or find the wikipedia page. Best of all, you don't need to tinker with it to get all these features. It now manages my 36000+ music library.