QUOTE(spoon @ May 29 2006, 16:23)

Rip directly to FLAC, lossless formats do not have a huge impact ripping times (most computers could compress to lossless faster than the drive can supply data), then convert to mp3 overnight.
Ripping to WAV, then encode using batch files to FLAC and MP3 is definitely the fastest. But you lose the auto-tagging.
I recommend ripping to FLAC -0 first (using Garf-tuned FLAC, based on
Josef Pohm's test it's the second fastest lossless compression). Later, recompress to whatever you want using batch files or Catwalk (see Ishtov's post). You can also use
Synthetic Soul's tag to transfer the tags.