[Gnosisless]

http://www.cdex.n3.net/

Tons of options in this package.

Includes CDDB lookup.
Automatically creates directories using available CD info (can be changed/disabled).
Multiple encoding codecs available.
Bitrates from 32kbps to 320kbps
Small package, low overhead.
Acts as a WinAmp plugin.
Can extract partial tracks
Supports ID3 tags.
Can normalize volumes.

It's reasonably fast, even at high bitrates.

AND IT'S FREEEEEEEEEEEE. (though you could be nice and donate some money if you use it a lot!)