Yeah, dbpoweramp is great for conversions.

I'm re-ripping everything in flac (free lossless audio codec) format so I can convert it to whatever format I want to when I need it converted. Since flac is lossless, I can pick the data rate I need at the time of conversion to MP3 or whatever format I need at the time.

Since flac is lossless I don't have to make any compromises when I rip the CDs and there's no transcoding loss later. You just need lots of disk space, but disks are very cheap these days.

-David