iTunes allows for a very long time to encode its audio CD easily. However, the Apple Mac application is stingy in settings before encoding and especially output format. Recently emerged Rip Which allows to go further to encode your albums.
Still in beta, Rip is not considered stable by the developer but to have it tested, I can tell you that it works perfectly.
The injection of tags in the tracks to be encoded can be made via MusicBrainz, FreeDB or iTunes Store. Rip Aboard encoders needed to convert files to FLAC, AIFF, WAVE...
I knows that Rip also create a disk image, a true replica of its physical equivalent. The application also has other interesting features. To discover absolutely.
For those looking for even more advanced settings and codecs (and still free) there is also XLD works of thunder, although the interface is rather austere.