I'm using EAC 0.9b7 + Lame 3.87.
I tested various encoders, like MusicMatch, Real, Xing, Nero, etc. Lame is amazing when you want quality. Many people are using MusicMatch Jukebox because it's a nice player. But, for testing, I encoded a song with MMJB6 using CBR 256kbps. Than I converted the mp3 file from MMJB to 192CBR using RazorLame, than I analyzed both files with CoolEdit 2000. The spectrums showed that the quality was the same.
In Napster you can get 320kbps musics that has the same quality of a MP3 160kbps encoded with Lame. It's ridiculous. People waste much space thinking that they've the best possible quality, but they were wrong.
Lame is very quickly when you don't use J-Stero option or VBR. You can obtain very good quality (until 20khz) and good speed using 256kbps Stereo and speed option. I encode a 4min song in 23s (41s with quality option) using my Athlon 650MHz@682MHz. The quality wasn't much different, much better than other enconders. But I recomend the quality option with J-Stereo. VBR is a good option, too.
Don't use AudioCatalyst, RealJukebox or other Xing Encoder.
MusicMatch Jukebox isn't the worst but it's has only acceptable quality.
If you want the real CD quality use Lame and read the articles of this site:
http://www.r3mix.net/
Use EAC or CDex.
Who loves AudioCatalyst can use Audiograbber + Lame DLL. But Audiograbber isn't free neither as good as EAC.