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I use it all the time. Works perfectly and can handle most formats. Free and doesn't expire.
Double confirm on iTunes, as long as you're talking about the PC version. You can set the preferences to import as high quality as you want in pretty much any format.
Don't use iFail if you're on a PC, that garbage is bloaty, consider DBpoweramp if you want something simple so you can encode into a nice LAME VBR encoding. =)
WAV will always have the highest quality since it's totally uncompressed. FLAC will give you the same quality as WAV, but your file sizes will still be ginormous.
As for MP3, my ears can't tell the difference between anything higher than 192 kbps unless I'm listening on my roommate's $600 speakers.
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